As the mild temperatures of April and May continued into the beginning of June and wholesale electricity prices averaged 3.3 cents per kWh for the first three weeks of June, the four-day heat wave beginning June 22 sent prices soaring averaging 15.8 cents for the three-day period June 23rd – 25th.  It was a short-lived spike, and from there wholesale prices averaged 5.1 cents for the remainder of the summer through August 31.  During that stretch, there was only one day that the average daily price exceeded just above eleven cents. 

For the first two weeks of September, wholesale electricity prices averaged 3.5 cents with temperatures that are typical of that month.  Although the total cooling degree days for the summer through early September were higher in New England over the long-term average, it was below the total compared to 2024.  Daily wholesale electricity prices for the summer benefitted from behind-the-meter solar generation that averages 5,000-6,000 megawatts during the summer, reducing load in the middle of the day by 20-25%. 

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

Annual System Peak & Price Spike

On June 24th which was the Annual System Peak, Wholesale electricity prices (energy-only) soared between 5:30 and 6:00 pm and reached close to $1,600/MWh by 6:00 pm.  The price averaged $240/MWh for the day (24 cents per kilowatt-hour). 

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

Future Energy Price Trends (2026–2028)

Throughout the summer electricity prices remained relatively stable, with 4 tenths of a cent swing from week to week based on the close each Friday.  2026 futures fell at the beginning of July from 6.8 cents in the third week of June to 6.4 cents by the first week of September. 

During that same period, 2027 and 2028 futures went in the opposite direction increasing by 8 tenths of a cent from lows at the beginning of May of 5.3 cents and 4.9 cents respectively.   

The futures electricity price for 2026 continues to stay 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

2026 natural gas futures dictated the trend of the 2026 electricity futures, while it was the opposite for 2027 and 2028 with natural gas falling off after the beginning of June, and electricity 2027 and 2028 rising.  The high point for the 2026 natural gas futures based on weekly closes each Friday was on June 20th hitting $4.468 per dekatherm, then dropping to $3.848 by September 12th.  In comparison, the prompt month natural gas high point for the year through September 12th was at $4.491/dth on March 11th. 

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.