U.S. spot natural gas and power prices soared to record highs in the northeastern part of the country as homes and businesses cranked up their heaters to escape an Arctic chill that cut gas output to a two-year low by freezing oil and gas wells and pipes earlier this week.
Cash gas prices for Tuesday soared 242% at the Algonquin Hub in New England to a record $173 per million British thermal units (mmBtu), while next-day prices at the Eastern Gas hub in Pennsylvania jumped 47% to a record $59.
In the power market, spot prices at the PJM West Hub in Pennsylvania and Maryland soared 146% to a record $1,014 per megawatt hour (MWh).
That compares with average cash gas prices of $6.08 per mmBtu in New England and $2.79 at the Eastern Gas hub, and average next-day power prices at the PJM West hub of $60.23 per MWh in 2025.
Next-day power and gas prices also rose to record and multi-year highs in other hubs across the country in recent days, including the U.S. Henry Hub gas benchmark in Louisiana.
(Reporting by Scott DiSavino, Editing by Louise Heavens)