ISO-NE Winter Emergency: $315/MWh Spike and 18-Day Grid Emergency Procedures
New England's power grid endured its most severe February in recent memory. Real-time electricity prices spiked to $315/MWh on February 9 at 1:00 AM — driven by surging natural gas prices during extreme cold — while ISO-NE maintained emergency operating procedures for 18 consecutive days from January 25 through February 11. A second price event hit $120/MWh on February 17 when loads exceeded forecasts. Persistent transmission congestion depressed Maine prices while elevating Rhode Island costs. For commercial electricity buyers, this winter demonstrates that New England's gas-pipeline dependency remains the dominant cost driver, and winter hedging strategies are not optional — they're essential.
February 2026: Timeline of Events
| Date | Event | Peak LMP | Load |
|---|---|---|---|
| Jan 25 | M/LCC 2 emergency procedures activated | — | — |
| Feb 9 | Real-Time LMP spike — fuel-driven | $315/MWh | 19,123 MW |
| Feb 11 | M/LCC 2 procedures deactivated (18 days) | — | — |
| Feb 12 | RI Load Zone elevated — Hartford Ave line binding | Elevated | — |
| Feb 17 | Second spike — loads exceed forecast | $120/MWh | 17,123 MW |
| Feb 26 | 5% voltage reduction test (rescheduled from Feb 24) | — | — |
Source: ISO-NE Weekly Market Reports, Feb 2-8, 9-15, 16-22, 2026.
The Pipeline Problem: Why New England Pays More
New England's electricity market has a structural vulnerability: roughly 50% of generation comes from natural gas, but the region lacks sufficient pipeline capacity to serve both heating and power generation during cold snaps. When temperatures plunge, residential gas demand for heating competes directly with power plants for limited supply, driving gas prices — and electricity prices — to extraordinary levels.
The $315/MWh spike at 1:00 AM on February 9 is telling: it happened overnight, when heating demand peaks and gas pipeline nominations are at maximum. Compare this to typical off-peak prices of $30-50/MWh, and the magnitude becomes clear — a 6-10x premium driven entirely by fuel constraints.
Congestion: Maine Cheap, Rhode Island Expensive
February also highlighted persistent transmission congestion across New England. The Maine Load Zone experienced depressed pricing multiple times due to binding constraints on the Maine–New Hampshire and Northern New England Scobie interfaces — effectively trapping cheap Maine hydro and wind power behind transmission bottlenecks.
Meanwhile, the Rhode Island Load Zone saw elevated pricing on February 12 from binding constraints on the E105 (Hartford Ave – Franklin Square) and 282-521-2 (Waltham – Watertown) lines. For commercial buyers, this geographic price separation means location matters enormously — two facilities 100 miles apart can face radically different energy costs during congestion events.
⚡ Expert Insight — KilowattLogic Research
"Two things jump out from this February. First, the 18-day emergency is the longest continuous M/LCC procedure I've tracked — it means the grid was stressed for nearly three weeks straight. Second, the $315/MWh came at 1 AM, not during peak hours. That's a pure fuel-supply event, and it means demand response (which typically targets afternoon peaks) wouldn't have helped. Commercial buyers in New England need winter-specific hedges: block purchases covering December-February, dual-fuel backup generation, and real consideration of on-site battery storage to avoid real-time exposure."
Commercial Buyer Action Items
Purchase fixed-price winter blocks (Dec-Feb) separately from annual contracts. Winter energy costs in New England are fundamentally different from summer costs.
The $315/MWh spike was at 1 AM. Behind-the-meter batteries charged during off-peak can discharge during these events, avoiding real-time market exposure.
Maine facilities benefit from trapped cheap power; Rhode Island faces premiums. Factor zone-specific LMP differentials into your procurement strategy.
Sources: ISO-NE Weekly Market Reports (Feb 2-8, 9-15, 16-22, 2026), ISO Newswire, Grid Status. LMP data from ISO-NE official market reports. Emergency procedure timeline confirmed via operations reports.