ISONE August 2026: Real-time spreads rsse 35% YoY to $201/MW-day
Real-time and day-ahead spreads pulled apart in August across ISONE. The Internal Hub four-hour real-time top-bottom (TB4) spread averaged $201/MW-day, up 35% from $148/MW-day in August 2025. The day-ahead TB4 spread fell 27% to $124/MW-day, the third-lowest of the past 12 months.
Day-ahead prices underpriced August's events, with the real-time TB4 spread beating day-ahead on 22 of 30 days. On August 6 the gap peaked as RT spreads hit $840/MW-day against $311/MW-day DA spreads.
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