Freedom Energy Newsletter | June 2024

A 2024-2027 Overview: New England Futures Electricity and Natural Gas Price Summary

Electricity prices in New England for 2025 increased from 5.4 cents to 6 cents in early 2024, following an eight-week upward trend. Prices for 2026 and 2027 initially traded higher than 2025 but later dropped, while natural gas prices continued to influence electricity prices overall. Natural gas futures for 2026 and 2027 have remained higher than those for 2025 since late 2023, with storage levels well above the five-year maximum.

At the end of the first quarter of 2024, the 2025 calendar year electricity price increased from its low in 2024 of 5.4 cents to 6 cents, rising for eight consecutive weeks, with 2026 and 2027 trading at approximately the same levels, reaching a high point by April 12. Prices then experienced a four-week drop, but not as low as the mid-February levels. Table 1 depicts the electricity price trends for 2024, 2025, and 2026 updated through December 29 over the past four years.

Table 1 | Electricity Futures 2025 – 2026 – 2027

In early 2023, the 2025 electricity strip began trading considerably higher than the 2026 and 2027 strips. By February 2024, the 2025 strip had dropped and was trading relatively equal to 2026 and 2027. During the eight-week upward run, 2026 and 2027 passed 2025 for a few weeks, then 2027 continued to drop as 2025 and 2026 increased.

Electricity prices generally tracked natural gas prices through the first and second quarters of 2024, but the eight-week run on electricity beginning February 16 was not indicative of natural gas futures, as depicted in Table 2. Overall, electricity prices continue to track natural gas prices.

Table 2 | Natural Gas and Electricity Futures Relationship 2025


Natural gas futures for 2026 and 2027 have continued to trade higher than those for 2025 since the end of 2023, as depicted in Table 3, with prices at levels similar to those just prior to the Russian invasion of Ukraine. Natural gas storage levels remain very favorable, well above the five-year maximum, as shown in Table 4.

Table 3 | Natural Gas Futures 2025 – 2026 – 2027

Table 4 | Natural Gas Storage as of May 31, 2024


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.

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Meet the Writer

Howard Plante
Freedom Energy Logistics
Vice President of Procurement

Howard Plante is a seasoned professional in the energy industry with a comprehensive background in environmental and energy engineering. As Vice President of Procurement at Freedom Energy Logistics, he brings a wealth of experience in regulatory compliance, technical analysis, and strategic planning to his role, where he is dedicated to advocating for clients and advancing the company’s enterprise efforts on their behalf. Click here to read Howard’s full bio.

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