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New England Power Prices Soar on Higher Gas Costs, Deep Freeze

  • Real-time prices have climbed fourfold since Monday morning
  • Natural gas prices in the region jumped 88% on Monday

Electricity prices in New England jumped on Tuesday as a frigid start to the day spurred demand when the cost of natural gas used to fuel power plants soared.

Real-time power prices on the six-state grid in the U.S. Northeast averaged $141.90 a megawatt-hour as of 11 a.m., up fourfold from the same period on Monday, according to ISO New England data.