Wholesale power prices averaged $61.00 per megawatt-hour (MWh) in the Real-Time Energy Market in November 2025, up 52% compared to the previous year.1 Day-Ahead Energy Market averages were $59.55/MWh, up 51% from November 2024.  

By the numbers

November 2025 and Percent Change from November 2024 and October 2025November 2025November 2024October 2025Average Real-Time Electricity Price ($/megawatt-hour)$61.0051.6%49.2%Average Natural Gas Price ($/MMBtu)$4.68107.1%97.5%Peak Demand16,526 MWs4.4%3.7%Total Electricity Use9,199 GWh3.9%6.4%Weather-Normalized Use29,201 GWh1.4%6.7%

Drivers of wholesale electricity prices

In general, the two main drivers of wholesale electricity prices in New England are the cost of fuel used to produce electricity and consumer demand.

Power plant fuel

Fuel is typically one of the major input costs in producing electricity. Natural gas is the predominant fuel in New England, used to generate 55% of the power produced in 2024 by New England’s power plants, and natural-gas-fired power plants usually set the price of wholesale electricity in the region. As a result, average wholesale electricity prices are closely linked to natural gas prices.

The average natural gas price during November was $4.68 per million British thermal units (MMBtu).3 The price was up 107% from the November 2024 average Massachusetts natural gas index price of $2.26/MMBtu. The Mass. index price is a volume-weighted average of trades at four natural gas delivery points in Massachusetts, including two Algonquin points, the Tennessee Gas Pipeline, and the Dracut Interconnect.

Wholesale electricity and natural gas prices

Electricity demand

Demand is driven primarily by weather, as well as economic factors. Energy usage during November increased 3.9% to 9,199 gigawatt-hours (GWh) from the 8,851 GWh used in November 2024. The average temperature during November was 41° Fahrenheit (F) in New England, down 6° from the previous November. The average dew point, a measure of humidity, was 30°F in November, down 2° from the previous November. There were no cooling degree days (CDD) during November 2025, which is normal for November in New England.4 In November 2024, there were no CDD. There were 707 heating degree days (HDD) during November, while the normal number of HDD in November is 681 in New England. In November 2024, there were 540 HDD.

Consumer demand for electricity for the month peaked on Nov. 17 during the hour from 5 to 6 p.m., when the temperature in New England was 37°F and the dewpoint was 22°. Demand reached 16,526 MW. The November 2025 peak was 4.4% higher than the November 2024 peak of 15,837 MW, set during the hour from 5 to 6 p.m. on Nov. 26, when the temperature was 41°F and the dewpoint was 38°.

Peak demand is driven by weather, which drives the use of heating and air conditioning equipment. The all-time high winter peak was 22,818 MW, recorded during a cold snap in January 2004 when the temperature was −1°F and the dewpoint was −20°. The all-time peak demand in New England was 28,130 MW, recorded during an August 2006 heat wave, when the temperature was 94°F and the dewpoint was 74°. Air conditioning use is far more widespread than electric heating in New England, so weather tends to have a relatively greater impact on the summer peak than the winter peak.

Monthly peak demand and total and weather-normalized energy use

Resource mix and emissions

The mix of resources used in any given time period depends on price and availability, as well as supplemental resource commitments needed to ensure system stability. Natural-gas-fired and nuclear generation produced about 81% of the 9,434 GWh of electric energy generated within New England during November, at about 55.5% and 25.5%, respectively. Renewable resources generated about 13.5% of the energy produced within New England, including 4.4% from wood, refuse, and landfill gas; 5.9% from wind; and 2.6% from solar resources. Coal resources generated a negligible amount of electricity, while oil-fired resources generated 0.1%. Hydroelectric resources generated 5.4%. The region also exported about 29 GWh of electricity to neighboring regions.

The mix of resources used to produce the region’s electricity is a key driver of carbon dioxide (CO2) emissions. The ISO estimates these emissions through an analysis that blends data on electricity generation by fuel type with an emissions factor for each fuel that is based on data from the Environmental Protection Agency.5

November estimated CO2 emissions in New England, by fuel source (metric tons)

New England power plants produced an estimated 2.53 million metric tons of CO2 in November 2025, an approximately 2% increase from the previous November.    

Estimated CO2 emissions from natural-gas-fired plants — typically the region’s largest source of power system emissions, due to the significant amount of electricity these resources produce — increased 2% year over year, at 2 million metric tons. These resources accounted for 81% of the power system’s total emissions.

Together, oil- and coal-fired resources produced an estimated 9,380 metric tons of CO2 in November 2025 (less than 1% of the total), down from an estimated 34,268 metric tons in November 2024. Because the region’s wholesale electricity markets select the lowest-priced resources needed to meet demand, oil- and coal-fired resources tend to run more frequently when natural gas prices rise, and less frequently when natural gas prices are low.

CO2 emissions from other resources — mostly refuse and wood — were estimated at 466,791 metric tons, a 5% increase from November 2024. These resources accounted for about 18% of the power system’s estimated CO2 emissions for the month.

Estimated year-to-date emissions through Nov. 30 increased 2% year over year, which was largely driven by a colder winter, increased demand, and higher natural gas prices resulting in more oil- and coal-fired generation. Regional CO2 average annual emissions from electric generation have declined significantly in the last decade. The ISO New England Electric Generator Air Emissions Reports provide a more comprehensive analysis of New England electric power generator air emissions and a review of relevant system conditions.

November year-to-date estimated CO2 emissions in New England, by fuel source (metric tons)

1. One megawatt (MW) of electricity can serve about 750 to 1,000 average homes in New England. A megawatt-hour (MWh) of electricity can serve about 1,000 homes for one hour. One gigawatt-hour (GWh) can serve about 1 million homes for one hour. 

2. Weather-normalized demand indicates how much electricity would have been consumed if the weather had been the same as the average weather over the last 20 years. 

3. A British thermal unit (Btu) is used to describe the heat value of fuels, providing a uniform standard for comparing different fuels. One million British thermal units are shown as MMBtu. 

4. A degree day is a measure of heating or cooling. A zero degree day occurs when no heating or cooling is required; as temperatures drop, more heating days are recorded; when temperatures rise, more cooling days are recorded. The base point for measuring degree days is 65 degrees. Each degree of a day’s mean temperature that is above 65 degrees is counted as one cooling degree day, while each degree of a day’s mean temperature that is below 65 degrees is counted as one heating degree day. A day’s mean temperature of 90 degrees equals 25 cooling degree days, while a day’s mean temperature of 45 degrees equals 20 heating degree days. 

5. The factors used to calculate estimated CO2 emissions were updated in October 2025. ISO New England analysts regularly review and refine the methodology used to develop these emissions factors, in order to reflect the characteristics of New England’s generating fleet and improve the accuracy of the estimates. 

Historical weather data provided by DTN, LLC. Underlying natural gas data furnished by ICE.Â