US Northeast spot natgas, power and electricity prices reach record highs due to Arctic blast that boosts heating demand and freezes gaswells

U.S. spot gas and power prices soared in the northeastern region of the country as homes and businesses turned up their heaters. The cold Arctic air had frozen oil and gas wells, and pipes this week. This resulted in gas production dropping to a 2-year low.

The cash?gas price for Tuesday at the 'Algonquin hub' jumped 242% New England has seen a record high of $173 per million British thermal units (mmBtu), and prices for the next day at Eastern Gas Hub Pennsylvania's?has jumped by 47%, to a record of $59.

Spot prices on the West Hub of the PJM Power Market In Pennsylvania and Maryland, the price of a megawatt-hour (MWh) soared by 146%.

This compares to average cash gas prices in New England of $6.08/mmBtu and $2.79/mmBtu at the Eastern Gas?hub and the average next-day electricity prices at the PJM West?hub of $60.23/MWh by 2025.

In recent days, the next-day gas and power prices in the U.S. Henry Hub and other hubs around the country also reached multi-year highs and records. gas benchmark in Louisiana. (Reporting and editing by Louise Heavens, Scott DiSavino)

(source: Reuters)