Electricity Monthly Update
Regional Wholesale Markets: July 2025
The United States has many regional wholesale electricity markets. Below we look at monthly and annual ranges of on-peak, daily wholesale prices at selected pricing locations and daily peak demand for selected electricity systems in the Nation. The range of daily prices and demand data is shown for the report month and for the year ending with the report month.
Prices and demand are shown for six Regional Transmission Operator (RTO) markets: ISO New England (ISO-NE), New York ISO (NYISO), PJM Interconnection (PJM), Midwest ISO (MISO), Electric Reliability Council of Texas (ERCOT), and two locations in the California ISO (CAISO). Also shown are wholesale prices at trading hubs in Louisiana (into Entergy), Southwest (Palo Verde) and Northwest (Mid-Columbia). In addition to the RTO systems, peak demand is also shown for the Southern Company, Progress Florida, and the Bonneville Power Authority (BPA). Refer to the map tabs for the locations of the electricity and natural gas pricing hubs and the electric systems for which peak demand ranges are shown.
In the second tab immediately below, we show monthly and annual ranges of on-peak, daily wholesale natural gas prices at selected pricing locations in the United States. The range of daily natural gas prices is shown for the same month and year as the electricity price range chart. Wholesale electricity prices are closely tied to wholesale natural gas prices in all but the center of the country. Therefore, one can often explain current wholesale electricity prices by looking at what is happening with natural gas prices.
Wholesale prices
All regions east of the Rockies saw wholesale electricity prices in a wide range during July 2025, as summer temperatures increased the demand for residential cooling and thus, increased the demand for electricity in these areas. New England (ISONE), New York City (NYISO), and the Mid-Atlantic (PJM) all saw wholesale electricity prices range from $44.00/MWh to $234.00/MWh during the month. The Midwest (MISO) and Louisiana (into Entergy) experienced their highest wholesale electricity prices of the year, topping out at $161.00/MWh and $166.00/MWh towards the end of July as the middle part of the country experienced a summer heat wave. All other regional trading hubs saw wholesale electricity prices at the lower end of their yearly range in July 2025.
Wholesale natural gas prices were in very tight ranges across most markets in July 2025. New England (Algonquin) was the only trading hub that saw a large range in wholesale natural gas prices during the month, with prices ranging $2.80/MMBtu to $12.50/MMBtu during the month. All other regions saw a minimal spread in wholesale natural gas prices during July 2025.
Electricity system daily peak demand
Almost all parts of the country saw their highest levels of electricity system daily peak demand due to the hot summer temperatures experienced in July 2025. The Midwest (MISO), Southern Company, and Progress Florida all saw daily peak demand on their systems at or near the highest levels for this year. Only California (CAISO) and The Bonneville Power Administration saw daily peak demand at the lower end of their respective twelve-month ranges during July 2025.