Mild temperatures in April and May extended into early June, keeping wholesale electricity prices low at an average of 3.3 cents per kWh. A four-day heat wave beginning June 22 sent prices soaring to an average of 15.8 cents per kWh for June 23–25. Prices then stabilized, averaging 5.1 cents through August 31, with only one day exceeding eleven cents.

For the first two weeks of September, wholesale electricity prices averaged 3.5 cents per kWh under seasonally typical conditions. Although total cooling degree days were above the long-term average, they remained below 2024’s total. Behind-the-meter solar generation averaging 5,000–6,000 MW helped reduce midday load by 20–25%, stabilizing daily wholesale electricity prices.

Table 1: Average Monthly Wholesale Electricity Prices (Past 5 Years, 2025 through Sept. 12)

Annual System Peak & Price Spike

On June 24 — the Annual System Peak — wholesale electricity (energy-only) surged between 5:30 and 6:00 pm, reaching close to $1,600/MWh by 6:00 pm. The average for the day was $240/MWh (24 cents per kWh).

Table 2: Five-Minute Wholesale Market Electricity Prices on June 24

Future Energy Price Trends (2026–2028)

Electricity futures prices remained relatively stable through the summer, with minor week-to-week swings.

• 2026 Futures: Fell from 6.8 cents in late June to 6.4 cents by early September.

• 2027 & 2028 Futures: Increased by 0.8 cents since May lows (5.3 cents for 2027; 4.9 cents for 2028).

• Spread: 2026 futures remain above 2027 and 2028 prices.

Table 3: Electricity Futures Prices for Calendar Years 2026, 2027, and 2028 (as of Sept. 12)

Natural Gas Futures Trends

Natural gas futures shaped the electricity futures curve in opposite directions for 2026 versus 2027/2028:

• 2026 NG Futures: Peaked at $4.468/dth on June 20, then dropped to $3.848 by Sept. 12.

• Prompt Month High: $4.491/dth on March 11.

Table 4: Natural Gas Futures Prices for Calendar Years 2026, 2027, and 2028 and the 12-Month Price (Oct. 2025–Sept. 2026)

 

Electricity & Natural Gas Price Correlation

Electricity prices in New England continue to track natural gas prices closely.

Table 5: Electricity Prices vs. Natural Gas Prices (Through June 13)

 

Natural Gas Storage Levels

At the end of Q1 2025, natural gas storage was below the five-year average and near the five-year minimum. By mid-April, levels had recovered and, as of Sept. 5, are between the five-year maximum and average.

Table 6: Natural Gas Storage as of Sept. 5, 2025 – Working Gas in Underground Storage Compared with Five-Year Range

Note: Electricity prices referenced here are energy-only and do not reflect a total electricity supply price that includes capacity, ancillaries, RECs, Fuel Security, etc.  Additionally, natural gas prices referenced are NYMEX only and do not include basis and capacity costs.