US Northeast power prices mixed amid early-season heatwave, higher demand

US Northeast power prices were mixed amid an early-season heatwave that pushed temperatures to low 90 degree Fahrenheit levels April 13 and 14, increasing power demand.

Peakload exceeded the New York Independent System Operator's forecast on both days, with power demand topping out at 18,520 MW on April 13, which was 1,067 MW above the forecast. Peakload had exceeded the NYISO forecast by 3 pm ET on April 14, reaching 17,735 MW by that time which was 836 MW above the forecast peak of 16,722.

Peakload averaged 18,564 MW on April 13, which was above the month-to-date average of 16,573 MW.

Temperatures had reached 90 degrees F in New York City by 3 pm ET on April 14, according to the National Weather Service. On-peak real-time power prices in NYISO New York City Zone J were $103.29/MWh at that time, which was well above the March average of $34.40/MWh and above the year-to-date average price of $39.11/MWh.

However, by 3:30 pm ET, Zone J prices had retreated to $32.08/MWh, according to the grid operator's website. The NYISO power generation fuel mix consisted of 28.5% hydropower, 28.5% dual fuel resources, which primarily run on natural gas with oil as a backup fuel, 24.5% gas, 16% nuclear, with fractional volumes of wind power, other renewables and other fossil fuels rounding out the total.

NYISO declined to respond to a comment request.

ISO New England

Temperatures had reached 91 degrees F in Hartford, Connecticut by around 3:30 ET April 14 and power demand had crept above the ISO New England forecast. Peakload reached 12,293 MW around that time, which was slightly above the forecast.

The ISO-NE peakload forecast for April 14 was 13,800 MW and the grid operator had total generation available of 19,200 MW, according to the seven-day capacity forecast. Peakload averaged 14,416 on April 13, which was above the month-to-date average of 13,367 MW.

On-peak real-time power prices across the ISO-NE footprint averaged $24.23/MWh around 3:30 ET, which was below the March average of 30.39/MWh and below the year-to-date average of $42.07/MWh.

The ISO-NE power generation fuel mix at that time consisted of 62% gas, 11% net imports, 10% nuclear, 10% hydropower, 7% renewables, and less than 1% oil, coal and other fuels, according to the grid operator's website.

"The low prices are likely a reflection of relatively low demand despite high temperatures in parts of New England," an ISO-NE spokesperson said in an email.

"The relatively low demand is a reflection of temperatures varying across the region and it not being particularly humid," the spokesperson said.

Temperatures were forecast to drop significantly over the weekend with a high of 72 degrees F in Hartford and a high of 63 degrees F in New York City on April 15, according to the NWS.