News

New England power plant closings pinching supply

This is a summary. To read the whole story subscribe to BostonGlobe.com

HARTFORD — The retirement of several power plants in New England is reducing power supply and driving up prices, the region’s electric grid operator warned Wednesday.

A regional auction to buy power for 2017 and 2018 in so-called capacity markets — comparable to an insurance policy that ensures power is available in the future — ended with a shortfall in megawatts for electricity used by businesses and homes, ISO-New England said.

In the auction that ended Monday, ISO secured a commitment of 33,700 megawatts, off from 33,855 megawatts of capacity required. One megawatt powers about 1,000 homes.

The deficit in megawatts available is a first for New England, which has had a surplus in megawatt capacity since the forward capacity market was established in 2006.

Full story for BostonGlobe.com subscribers.

Get the full story with unlimited access to BostonGlobe.com.

Just 99 cents for four weeks.

Share