Dr. Conca reports that consumers in New England got a shock in their utility bills this month. A 40 per cent increase over the previous month. National Grid, the largest utility in Massachusetts, decided that electricity prices for this winter would rise to 24 cents per kWh, a record high. But peak electricity prices could exceed 100 cents per kWh like they did last year during the polar vortex.
Not sure why New Englanders are so surprised. It was their choice to throw all-in for natural gas and renewables in a land of harsh winters. But they have refused to build new gas pipelines. And they are shutting a nuclear plant that has 20 years of cheap reliable cold-resistant energy left on it. Go figure...
New England already has the highest electricity prices in North America about 18 cents per kWh averaged over the whole year. The national average is 12 cents per kWh. In my own state of Washington, it is only 8 cents per kWh thanks to hydro and nuclear, and a reasonable market structure.
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