Electricity Monthly Update
Regional Wholesale Markets: October 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
In October 2025, wholesale electricity prices across most regions nationwide were among the lowest observed over the past year. This trend aligns with typical seasonal patterns, where "shoulder" months, characterized by moderate temperatures, lead to reduced electricity demand. With less need for residential heating or cooling, demand for electricity falls, consequently lowering wholesale electricity prices during these periods. However, the western regions of Northern California (CAISO), Southern California (CAISO), and the Southwest (Palo Verde) diverged from this seasonal pattern, experiencing wholesale electricity prices that traded around the middle of their twelve-month ranges during October 2025.
Wholesale natural gas prices also traded on the lower end of twelve-month ranges across all markets in October 2025. The Southwest (El Paso San Juan), Southern California (PG&E Citygate), and Northwest (Sumas) saw their lowest wholesale natural gas prices over the twelve-month period, ranging from $0/MMBtu and $4/MMBtu during the month.
Electricity system daily peak demand
Most of the country experienced daily peak electricity demand at or near their lowest levels during the annual range ending October 2025. The exception was Texas (ERCOT), where unusually warm temperatures during the first half of the month boosted residential cooling needs and, consequently, electricity demand.