CES Market Summary/February Insider

February 2024

Key Takeaways

Prices for crude oil fell sharply towards the end of last week. WTI dropped by 7.13% week-over-week to $71.23/barrel, and Brent was down by 7.19% week-over-week to $75.76 barrel. The New York Harbor Heating oil price also registered a 2.56% drop week over week to $2.54/gallon. The 12-month rolling strip fell 3.66% week-over-week, landing at $2.75/MMBtu. The EIA reported the arrival of an LNG vessel with a carrying capacity of 3 Bcf to Everett between January 25 and January 31. New England electricity prices fell over the past week, with the NEPOOL 12-month strip decreasing by $3.11 or 5.7% week-over-week, settling at $51.67/MWh. Plentiful gas storage and warmer-than-average weather forecasts continue to put downward pressure on electricity pricing.

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Net Metering for Commercial Customers in New England

By Charlie Agnew, Vice President, Energy Services

Two years ago, I wrote a Competitive Energy Services ’ Insights’ blog titled “Net Energy Billing and Your Business: What’s Next?” focused on Maine’s net metering program. The story of net energy billing in Maine is still unfolding, with great successes for early participants but now rife with challenges for those late to the game. Legislative changes have thrown several curve balls at the program and 2024 will reveal more winners and losers among prospective projects. With a 12/31/2024 deadline....

CES to Sponsor and Present MeASBO'S March Meeting

On Friday, March 1, Competitive Energy Services will sponsor the Maine Association of School Business Officers’ (MeASBO) upcoming March member meeting, which will be held on Friday, March 1 at The Osprey Nest Bed & Breakfast in Newcastle, Maine.

MeASBO’s March session will feature a presentation on Net Energy Billing in Maine by Charlie Agnew, Vice President, Energy Services and Lauren Grey, Energy Services Advisor. Charlie and Lauren will focus on the unfolding story of Maine’s Net Energy Billing program, how businesses can utilize it, common mistakes and how to avoid them, and will provide insights into the future of net metering in the state.

CES will also serve as Breakfast Sponsor for the March meeting.

MeASBO unites professional school business officers under one State Association and seeks to disseminate information and improve the services of its members by establishing the highest standards of ethics and efficiency in methods and practices in the field of school business administration. For more information on the Maine Association of School Business Officers (MeASBO), please visit their website at www.measbo.org

If your organization is interested in learning more about Maine’s Net Energy Billing program, please read this month’s blog by Charlie Agnew titled “Net Metering for Commercial Customers in New England.” Feel free to contact Charlie Agnew directly with questions at (207) 576-3490 or cagnew@competitive-energy.com

Charlie Agnew

Vice President, Energy Services

Lauren Grey

Energy Services Advisor

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