Lower natural gas prices felt in 4th-quarter stats
Energy costs fell in New England over the final three months of last year, driven by lower prices for natural gas, along with a drop in energy use, according to the organization that oversees the region’s power grid.
In its Quarterly Markets Report, released Wednesday, ISO New England said wholesale energy market outcomes were competitive during the quarter that ended Dec. 31, and that market prices reflected the cost of providing energy.
The total wholesale cost of electricity (including energy, capacity, and ancillary services) during the three months was $1.57 billion, down 32 percent from the fourth quarter of 2013, with the cost of energy alone declining 39 percent to $1.22 billion.
The report concludes that lower natural gas prices -- which fell 35 percent to $5.02 per million British thermal units (MMBtu) from the $7.74 price in the fourth quarter of 2013 -- was the primary factor driving the decline. Lower energy usage, down 3 percent year over year, and peak demand, down 8 percent, were also factors, ISO said.
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