According to Bloomberg article published on December 25, 2022, New England’s grid operator warned of a possible power supply shortfall and called on its members to voluntarily curtail power usage.
ISO New England declared an energy emergency level 1 and asked for members, which include utilities and other traders, to cut back on their electricity consumption in a series of alerts, according to the grid operator’s website.
“We have declared a power caution for the region, and is calling upon reserve resources due to the unexpected loss of generation and imports,” spokesman Matthew Kakley said in an emailed statement. “We are not requesting conservation at this time.”
Demand is coming in higher than forecast and supplies are tightest during the late afternoon and evening hour when usage hits its daily peak. Spot electricity prices soared to more than $1,800 a megawatt-hour on the grid after the warnings.
With gas supplies constrained, New England has resorted to using other power sources. Oil accounted for roughly 40% of power on Saturday afternoon, while gas was 15%. Typically gas is the dominant fuel and there’s no oil burn.
