Electricity Monthly Update
Regional Wholesale Markets: May 2026
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
Wholesale electricity prices were at or near the lower end of their yearly range at most regional trading hubs in May 2026. The Midwest (MISO) and Northern California hubs saw their wholesale electricity prices reach their lowest levels of the twelve-month period ending May 31, 2026, while Louisiana and Southern California prices came very close to their twelve-month lows as well. While most hubs traded in fairly narrow ranges during the month, the Mid-Atlantic (PJM) hub stood out with a notably wider monthly range, with wholesale electricity prices ranging from $31/MWh to $181/MWh during May 2026.
Wholesale natural gas prices were in fairly tight ranges across most markets in May 2026, typical of a shoulder month when mild temperatures result in lower natural gas demand. The Texas (Houston Ship Channel) market was a notable exception, with wholesale natural gas prices ranging from around $1.88/MMBtu to $2.98/MMBtu during the month.
Electricity system daily peak demand
The pattern of electricity system peak demand in May 2026 was split between northern and southern systems, reflecting a contrast between mild spring temperatures that suppressed demand in the north and warmer conditions that drove increased cooling demand in the south. New England (ISONE), the Midwest (MISO), and New York State (NYISO) each saw their daily peak demand reach their respective twelve-month lows during the month, consistent with mild spring temperatures that reduced heating and cooling needs across the northern portions of the country. In contrast, Texas (ERCOT) saw peak demand reach near the upper end of its twelve-month range, particularly toward the end of May as summer heat began building in the region. Warm May temperatures and increased cooling demand also resulted in the Mid-Atlantic (PJM), Southern Company, and Progress Florida seeing their daily peak demand reach into the upper half of their twelve-month ranges during the month.