New England Wholesale Power Prices Plummet 9.3% in July
Wholesale power prices in New England fell by 9.3% in July compared to the same month last year, according to ISO New England's market summary.
The average real-time price dropped to $54.66 per megawatt-hour (MWh), while the day-ahead price declined by 5% year-over-year to $66.99/MWh.
ISO New England attributed the decrease in prices to lower natural gas costs and reduced electricity demand, which was influenced by a cooler July with an average temperature of 73°F, two degrees below the prior July.
The decreased demand resulted in a 6.1% drop in total New England electricity use to 11,436 gigawatt-hours (GWh) in July.
However, it's essential to note that Rhode Island's winter supply rate is determined separately by The Narragansett Electric Co., doing business as Rhode Island Energy, through its proposed Last Resort Service winter rates filed on July 22 for effect October 1.
The proceeding at the Rhode Island Public Utilities Commission will determine the actual cost of electricity on bills, not the wholesale prices in ISO New England's market summary.