ISO-New England reports the average real-time electric energy price for June 2015 was $19.61 per megawatt-hour, a decline from nearly twice that much for the same period last year and an almost 85% drop from February 2015 when the price was $126.70 per megawatt hour. ISO-New England notes that this price is the lowest average wholesale electric energy price since March, 2003. Factors that affect this price include power plant fuel prices, electricity demand, and the fuel mix (i.e., the mix of resources used for power generation in any given time period).
Some of the region’s energy companies may cause the price to drop even further, according to an article posted by Utility Dive. The article notes that Emera Energy will upgrade its Rhode Island plant to increase the facility’s efficiency. The president of the New England Power Generators Association notes that companies in New England may prefer to add generating capacity through such efficiency upgrades rather than building new plants. He argues that upgrades could also decrease the wholesale price of electricity. Emera Energy also owns a plant in Connecticut.