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Social Distancing in Mild Weather Drives Down Energy Prices in New England

Low energy prices in New England on Monday morning, May 4.
ISO-New England screenshot
Low energy prices in New England on Monday morning, May 4.
Low energy prices in New England on Monday morning, May 4.
Credit ISO-New England screenshot
Low energy prices in New England on Monday morning, May 4.

New England saw a big drop in energy prices and demand in March, as the coronavirus pandemic coincided with mild late-winter weather.

The region's grid operator, ISO-New England, says March had the lowest electricity prices since 2003, when the current market structure began.

The regional grid runs mostly on natural gas, and gas prices were 60 percent lower in March of this year than last.

That's partly because supply exceeded demand – mild temperatures drove down the need for home heating, freeing up gas for electricity supply, even as electricity demand dropped, too.

The ISO says they saw a particular drop of about 5 percent in mid-March, as social distancing measures took effect.

Overall, energy demand in March was 7 percent lower than at the same time last year.

Copyright 2020 New Hampshire Public Radio

Annie Ropeik reports on state economy and business issues for all Indiana Public Broadcasting stations, from a home base of WBAA. She has lived and worked on either side of the country, but never in the middle of it. At NPR affiliate KUCB in Alaska's Aleutian Islands, she covered fish, oil and shipping and earned an Alaska Press Club Award for business reporting. She then moved 4,100 miles to report on chickens, chemicals and more for Delaware Public Media. She is originally from the D.C. suburb of Silver Spring, Maryland, but her mom is a Hoosier. Annie graduated from Boston University with a degree in classics and philosophy. She performs a mean car concert, boasts a worryingly encyclopedic knowledge of One Direction lyrics and enjoys the rule of threes. She is also a Hufflepuff.
Annie Ropeik
Annie Ropeik joined NHPR’s reporting team in 2017, following stints with public radio stations and collaborations across the country. She has reported everywhere from fishing boats, island villages and cargo terminals in Alaska, to cornfields, factories and Superfund sites in the Midwest.