New England remains in triple-digits; Nymex gas hits $5.55/mmBtu
2/19/14 | Generation Hub
On Feb. 19, according to figures posted by the Energy Information Administration (EIA).
New England's spot power price was listed at $128.27/MWh, which was more than 29% lower than the spot power price listed for the previous business day. New England also had the nation's highest spot natural gas price at $13.75/mmBtu.
The big figure, however, in EIA's daily energy price might be that the New York Mercantile Exchange (Nymex) natural gas futures price for March delivery hit $5.55/mmBtu, or more than 6% higher than the previous day.
Northeast's Record Natural Gas Prices Due to Pipeline Dearth
2/10/14 | Bloomberg
Temperatures in New York City hit 7F on Jan. 22, a day after the price to deliver natural gas into the city spiked to a record $123 per thousand cubic feet on the spot market. A hundred miles away in Pennsylvania's Marcellus Shale, the biggest natural gas field in the U.S., the same amount of gas costs 35 times less. The problem is particularly severe in New England, where power plants' use of natural gas has jumped from 30 percent of electricity produced to 52 percent since 2001, with not a single new pipeline built. As a result, electricity prices are soaring in the region.
America's 1st offshore wind farm could be operational by 2016
3/4/13 | Power Engineering
Credit agency EKF has approved a $600 million loan for the Cape Wind offshore project, according to Think Progress. Cape Wind said it would need $2.5 billion to build the wind farm and the most recent loan gives the offshore wind project $900 million, so far, in financing.
Cape Wind expects to have all the funds by this fall and go online by 2016.
The offshore wind farm would include 130 wind turbines, located in Nantucket Sound, and produce enough energy to provide power to 75 percent of the region.
New England governors start push to cut cost of power
1/27/14 | Morning Sentinal
The six New England governors have set in motion a first-of-its-kind plan to increase the region's natural-gas pipeline capacity by nearly 20 percent in three years and build at least one major electric transmission line to bring renewable energy from Canada.
Utility customers would be asked to help pay for the projects, which together could cost billions of dollars, through electricity rates. But the costs soon would be recovered by savings on energy bills as the projects increase supplies of lower-cost power, said Tom Welch, chairman of the Maine Public Utilities Commission and an architect of the plan.
Frigid U.S. Weather Means Highest Power Prices Since '08: Energy
3/5/14 | Bloomberg
Freezing temperatures gripping the eastern U.S. will result in the highest electricity prices in six years for consumers in Boston, Dallas and San Francisco.
Supplies of natural gas and coal will decline to six-year lows by the end of this month, government data show. The fuels are used to generate 67 percent of the country's electricity. Wholesale power for use from April through June in New England traded at an average of $62.15 a megawatt-hour yesterday, 26 percent more than a year earlier and the highest for the period since 2008, according to IntercontinentalExchange and broker data compiled by Bloomberg.