Market Update

On Tuesday June 24, 2025 demand in New England peaked at 26,024 MW from 6-7 PM, exceeding the previous peak set the day before on Monday June 23^rd at 24,380 MW.  In the past few years, January has remained as the annual peak into the second or third week of June when we typically see the first heat wave in New England, and this year was no different.

Tuesday was the first Curtailment notice that we sent, and there was a lot happening on the Grid.  Temperature’s hit 100 °F in much of New England breaking records in many locations, demand exceeded ISO-NE’s summer forecast for typical and above average weather as well as the projected peak for the day.  Tuesday was also the highest peak since 2013.  Behind-the-Meter solar generation was estimated to be contributing approximately 6,000 MW at 12:15 pm, the highest differential to actual demand for the day.  Demand response was dispatched, ISO-NE implemented OP 4 Action 5 which considers the purchase of emergency capacity from neighboring control areas,  and determined that a Capacity Scarcity Condition was occurring in one or more capacity zones at 5:50 pm.  Wholesale prices reached close to $1,600/MWh by 6:00 pm.

Looking Forward

The National Oceanic and Atmospheric Administration (NOAA) is predicting above average temperatures for all of New England for the three-month period July – September.  Considering that the Annual System Peak was in September for the first time ever in 2023, and the peak is expected to shift to the winter period, expect to see another late summer peak is not out of the question.

In the past 10 years there have been three annual peaks above 25,000 MW.  The lowest in that same ten-year period was 23,623 MW occurring in 2023, the highest at 25,559 MW in 2018.

If you have any questions or want to learn more about Annual system peak contact: howard.plante@felpower.com