North America Power Markets Short-term Outlook: October 2025

Report Summary:

2025 has been a bounce back year for power prices as high natural gas price to begin the year and hot weather over the summer (particularly in the northeast) drove increased volatility. Going forward, data center penetration will be of growing importance to prices particularly in a tightening supply environment. The gap between these growing demand forecasts and how quickly new supply can be brought online will be the defining factor for where prices will go over the next few years.