ISO-NE February 2026 benchmark: did winter pricing lift BESS margins?
ISO-NE February 2026 benchmark: did winter pricing lift BESS margins?
New England's gas bottleneck converted an early-February cold snap into a reliability event. Oil-fired generation surged 939% year over year to 15% of the mix as gas-fired plants could not secure fuel.
Day-ahead prices at the Internal Hub, ISO-NE's system-wide reference pricing point, topped $200/MWh for eight of the first nine days. Real-time TB4 (top-bottom) spreads at the Internal Hub averaged $404/MW-day, concentrated in that opening stretch, which could have increased BESS revenues.
Prices collapsed below $70/MWh once temperatures normalized, leaving the day-ahead hub average at $126.09/MWh, down 3.3% year over year.
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