Dive Brief:
- Electricity prices in New York last month were the lowest ever for a June, the grid operator said in a report issued in advance of its business committee meeting earlier this week.
- June prices averaged $28.19/MWh, almost $5/MWh lower than May levels and significantly below last year's June average of $43.39/MWh.
- Daily sendout averaged 450 GWh/day in June, higher than the previous month but lower than last June's total of 456 GWh/day.
Dive Insight:
In a market report issued for its Business Committee meeting this week, the New York ISO said June locational-based prices were the “lowest LBMP for the month of June during NYISO operation.”
June prices of $28.19 were lower than the $32.98/MWh recorded in May, as well as $43.39/MWh in June of last year. Day-ahead and Real Time Load Weighted LBMPs were also lower compared to May, the grid operator said.
Some of that is on cheaper fuel: The ISO said natural gas and distillate prices were both lower compared to the previous month. Natural Gas at the Transco Z6 NY point was was $2.34/MMBtu, down 11% from $2.65/MMBtu in the month before, and down 28% year-over-year.
The ISO said the June 2015 average year-to-date monthly cost is running just over $56/MWh — a 43% decrease from $97.84/MWh in June 2014.
New York still sees price spikes, of course: In May, prices in the ISO's western zone jumped past $1,000 per MWh, at the same time exports to neighboring PJM Interconnection rose. In December, cold weather drove demand past anticipated load, also spiking real-time power prices on Long Island above $1,000/MWh.
