Northeast Energy Watch Monthly™ Report for March, 2021

Published on March 17, 2021 | energy-watch

This monthly issue of ESAI’s Northeast Energy Watch MonthlyTM provides a summary of the February prices surging in the Northeast Electricity prices.  As Spring approaches, milder weather will moderate electricity demand, gas prices and power prices across the Northeast.

Gas prices at Algonquin Citygate and Iroquois Zone 2 maintain a positive basis to Henry Hub for March and April.

Although the COVID-19 pandemic continues to suppress electricity demand in PJM and New York, the impact has moderated in early 2021.  Overall loads in both control areas track approximately 1 percent below normally expected loads. New England loads remain at or above pre-COVID-19 expectations.

The most recent RGGI auction No. 51 was held on March 3. The clearing price for RGGI CO2 allowances was $7.60/ton, a 2.5-percent increase over the previous auction results of $7.41/ton on December 2, 2020.

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Energy Watch MonthlyTM provides nine-month zonal pricing forecast and discussion of policy changes and other key market influencers in the Northeast regions, as well as a natural gas forecast which provides analysis of Henry Hub and regional basis dynamics. The energy forecast put forth in this monthly is based on both ESAI and forward fuel forecasts and compared with forward market energy prices.