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US Power Update: Prices Vary Across Markets as Natural Gas Dominates Generation

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US power markets showed varied prices on Friday, with natural gas leading generation across most regions while several markets posted sharp intraday price spikes, according to data from GridStatus.io.

Electric Reliability Council of Texas' real-time locational marginal price stood at $22.08 per megawatt-hour at 4 p.m. ET. Net load was 51.82 gigawatts, with natural gas leading the generation mix at 41.3%.

California Independent System Operator recorded a real-time LMP of $13.53/MWh at 4 p.m. ET. Net load came in at 6.86 GW, while solar led the generation mix at 55.9%. An intraday peak of $76.98/MWh was recorded at 4 a.m. ET.

Southwest Power Pool's real-time LMP was $31.61/MWh at 4 p.m. ET. Net load stood at 45.08 GW, with natural gas making up the largest share of generation at 43.3%.

PJM posted a real-time LMP of $33.47/MWh at 4 p.m. ET. Net load totaled 110.95 GW, while gas accounted for the largest share of the generation mix at 45.2%. Prices surged to an intraday high of $135.68/MWh at 4:05 p.m. ET.

Midcontinent Independent System Operator's real-time LMP came to $31.26/MWh at 4 p.m. ET. Net load reached 85.85 GW, with natural gas holding the largest generation share at 34.1%. Prices reached $91.42/MWh at 11:35 a.m. ET.

New York Independent System Operator recorded a real-time LMP of $35.59/MWh at 4 p.m. ET. Net load was 18.68 GW, with natural gas representing the largest generation share at 30.5%.

ISO New England's real-time LMP stood at $32.78/MWh at 4 p.m. ET. Net load totaled 13.02 GW, with natural gas accounting for the largest share of the generation mix at 48.9%.

Independent Electricity System Operator's real-time LMP reached $65.57/MWh at 4 p.m. ET. Net load was 19.52 GW at 3:55 p.m. ET, with nuclear supplying the largest share of generation at 44%. The intraday high stood at $125.19/MWh at 3:55 p.m. ET.

The National Weather Service's Climate Prediction Center forecasts temperatures to stay above normal across much of the West, South and central US from Aug. 29-Sept. 4, with near-normal readings in parts of the Northeast and West Coast.

Monitoring Analytics, PJM's independent market monitor, said in its Quarterly State of the Market Report for PJM that the grid operator often underestimates available transmission capacity, leading to incorrect penalty charges about 94% of the time.

During the first half of 2026, high-voltage 500-kilovolt transmission lines reached or exceeded operating limits in 8,920 five-minute periods, up from 1,865 a year earlier, with most violations occurring during a winter storm, the market monitor said.

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US power prices varied widely across major markets at 4 p.m. ET, with PJM posting the highest price at $91.48 per megawatt-hour and an intraday peak of $543.30/MWh, according to data from GridStatus.io.Electric Reliability Council of Texas' real-time LMP stood at $28.13/MWh at 4 p.m. ET. Net load was 48.33 GW, with natural gas making up the largest share of generation at 38.5%.California Independent System Operator's real-time LMP came in at $37.09/MWh at 4 p.m. ET. Net load totaled 8.56 GW, while solar led the generation mix at 55.3%. The session's intraday peak reached $100.02/MWh at 6:50 a.m. ET.Southwest Power Pool's real-time LMP reached $37.65/MWh at 4 p.m. ET. Net load stood at 48.08 GW, with natural gas accounting for the largest share of generation at 44.6%.PJM's real-time LMP was $91.48/MWh at 4 p.m. ET. Net load totaled 116.95 GW, with gas accounting for the largest share of the generation mix at 47.1%. Prices surged to an intraday high of $543.30/MWh at 8 a.m. ET.Midcontinent Independent System Operator's real-time LMP came to $33.91/MWh at 4 p.m. ET. Net load was 82.83 GW, with natural gas contributing the largest share at 33.7%.New York Independent System Operator's real-time LMP stood at $59.65/MWh at 4 p.m. ET. Net load reached 21.92 GW, while dual-fuel sources accounted for the largest share of generation at 32.7%. Prices climbed to $107.42/MWh at 2:35 p.m. ET.ISO New England's real-time LMP climbed to $125.10/MWh at 4 p.m. ET. Net load totaled 18.1 GW, with natural gas leading the generation mix at 61.1%. An intraday high of $304.37/MWh was recorded at 1:05 p.m. ET.Independent Electricity System Operator's real-time LMP was $35.99/MWh at 4 p.m. ET. Net load was 18.02 GW at 3:55 p.m. ET, when nuclear supplied the largest share of generation at 42%.The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across much of the West and South from Aug. 28-Sept. 3, with near-normal temperatures in parts of the West and near-normal to below-normal readings across the Northeast.