June 2025 – Hurricane Season Meets Energy Marketstest

As summer begins, energy markets remain firm but steady, yet underlying risks are rising. Natural gas forward prices are holding near recent highs, supported by strong early cooling demand and tightening storage levels, which remain 11% below last year despite being slightly above the five-year average.

In power markets, PJM capacity charges officially jumped to $269.92/MW-day as of June 1, adding significant cost for commercial customers even as energy prices remain relatively stable. Forward power prices across NYISO and ISO-NE show little change month-over-month, with summer on-peak pricing ranging from $60 to $80/MWh.

NOAA’s forecast for an above-normal Atlantic hurricane season introduces fresh volatility risks, with 13–19 named storms expected. Potential storm-related disruptions to fuel supply, infrastructure, and transmission may drive price surges later this summer, especially from August through October.