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U.S. Grids Tighten Emergency Measures as Arctic Cold Triggers Price Spikes and Fuel Constraints

Record winter demand looms for PJM next week.

Overview

  • PJM reported temporary spot power prices near $3,000 per megawatt-hour Saturday morning after trading below $200 earlier.
  • MISO directed generators to run at maximum and curtailed exports to prevent capacity shortfalls as some units struggled in the deep freeze.
  • ISO New England increased oil-fired output to about 26% to conserve natural gas, with regional spot prices exceeding $300 per megawatt-hour.
  • Operators and pipeline data indicated gas production shut-ins and delivery constraints, with MISO’s Minnesota hub nearing $500 per megawatt-hour.
  • Federal officials drafted orders to allow data centers to switch to on-site backup generators as a last-resort step to relieve grid demand.