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EIA expects significant increases in wholesale electricity prices this summer

In our latest Short-Term Energy Outlook (STEO), we expect prices this summer in wholesale electricity markets will significantly increase over last summer’s prices. We forecast that electricity prices in the Northeast regions (ISO New England, New York ISO, and PJM markets) will exceed $100 per megawatthour (MWh) between June and August 2022, up from an average of about $50/MWh last summer. We forecast summer electricity prices will average $98/MWh in California’s CAISO market and $90/MWh in the ERCOT market in Texas.

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