New York state's average wholesale electric energy price for 2009 was the lowest in the 10-year history of New York's marketplace for electricity, according to the New York Independent System Operator (NYISO), which reported that the average annual price of wholesale electric energy in the state was $48.63/MWh in 2009. The 2009 average was below the previous low of $49.90/MWh set in 2002 and 49% below the 2008 average of $95.31/MWh.
The declining wholesale electricity energy prices in 2009 were largely attributable to reduced power consumption and reductions in the cost of natural gas, which is used to fuel a significant portion of New York State's electricity supply.
Lower demand for electricity permits a larger proportion of electricity to be generated by more efficient and less costly facilities.
Average daily electricity usage in New York state was down significantly in 2009, averaging 435 GWh per day – down 3.7% from the 2008 average of 452 GWh per day.
While the slowing economy and expanded conservation programs reduced energy usage, unseasonably cool summer weather also played a role in decreasing power consumption by New Yorkers in 2009, according to NYISO.
SOURCE: New York Independent System Operator Â