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The Spread

Monthly spark spreads against the U.S. delivered gas-cost benchmark.

GRIDLINES ANALYSIS · July 2026

Latest page month; individual hubs may end earlier.

Indiana Hub spark spread

Selected month

July 2026 · no supported value

0 of 36 months shown in this period.

Gaps are months without a supported value. A month needs at least 10 power trading days and a usable gas benchmark for that same month.

ICE’s daily on-peak trading at Indiana Hub thinned sharply after 2018, so most months since then have fewer than 10 trading days and are left out, not estimated.

Power data source: U.S. Energy Information Administration (EIA), republished with permission from data collected by the Intercontinental Exchange (ICE). This product features derived information and is not an official feed of ICE.

Gas cost data source: EIA, Form EIA-923 — the U.S. electric-power sector’s average delivered natural-gas cost, one national benchmark used for every hub. It is not ICE data.

National gas-cost benchmark · Fuel margin, not profit

No supported values for Indiana Hub in this period.

Same vertical scale for all hubs in this period. Arrows mark values beyond the scale.National receipts-weighted fuel benchmark; reference plant: combined cycle, 7.548 MMBtu/MWh (EIA, 2024).

July 2026

No supported value for July 2026.

Last supported month for Indiana Hub: July 2023 Show last supported month

Show all history

Spark spread · $/MWh
not available
On-peak power · $/MWh
not available
U.S. delivered gas benchmark · $/MMBtu
not available
Breakeven gas · $/MMBtu
not available

How to read this chart

Reading the spread

Zero is where on-peak power covers the reference plant’s gas cost. Hatching marks a positive fuel margin. Every hub uses the same U.S. delivered gas-cost benchmark. Gaps mean no supported monthly value. This is a fuel margin, not profit.

Calculation and caveats →

View monthly values
Indiana Hub, August 2023 to July 2026
MonthSpark spread, $/MWhOn-peak power, $/MWhU.S. delivered gas benchmark, $/MMBtuBreakeven gas, $/MMBtu
August 2023No supported value
September 2023No supported value
October 2023No supported value
November 2023No supported value
December 2023No supported value
January 2024No supported value
February 2024No supported value
March 2024No supported value
April 2024No supported value
May 2024No supported value
June 2024No supported value
July 2024No supported value
August 2024No supported value
September 2024No supported value
October 2024No supported value
November 2024No supported value
December 2024No supported value
January 2025No supported value
February 2025No supported value
March 2025No supported value
April 2025No supported value
May 2025No supported value
June 2025No supported value
July 2025No supported value
August 2025No supported value
September 2025No supported value
October 2025No supported value
November 2025No supported value
December 2025No supported value
January 2026No supported value
February 2026No supported value
March 2026No supported value
April 2026No supported value
May 2026No supported value
June 2026No supported value
July 2026No supported value

Compare hubs in July 2026

Spark spread by hub, July 2026
HubSpark spread ($/MWh)
Mass Hub$61.31
PJM West$117.25
Indiana Hub · shownNo valueLast supported: July 2023
Mid-C$29.80
NP-15$17.59
SP-15$14.09
Palo Verde$29.59

Latest page month

In July 2026, all six hubs with a value that month cleared a reference combined-cycle plant’s U.S. delivered gas-cost benchmark; one hub has no value for it.

Explore the grid around Indiana Hub

These Atlas pages provide geographic context. The links do not define the hub’s market boundary or its gas cost. Every spread uses the same U.S. gas-cost benchmark.

What this comparison leaves out

  1. This is a fuel margin, not a profit. It leaves out operating and maintenance cost, capital cost, capacity payments and ancillary revenue.
  2. On-peak power only. These are next-trading-day on-peak power prices; nights and weekends are excluded from the power leg. The gas cost is a monthly U.S. survey average of fuel received by electric-power generators, including delivery. It is not a traded gas-hub price or the cost of gas burned in that month.
  3. No carbon cost. Generators in RGGI states and California also buy allowances, which this leaves out.
  4. A reference plant, not a real one. The heat rate is an EIA fleet average for the technology, not any particular plant’s.
  5. A hub is a market, not the nation. Each power price is local; the fuel benchmark is the same national average for all seven hubs. Their different footprints make this a comparison, not an individual plant margin or an estimate of each hub’s local gas cost.
  6. A common month only. EIA-923 fuel costs arrive later than power trades. A spread appears only after both inputs cover that month; the page names the latest common month and never combines different months.

A gas-turbine peaker burns about 10.999 MMBtu per MWh in the same EIA table, so the same power price covers a lower gas price for it; only the combined-cycle line is drawn.

Much of the country trades power outside these hubs, so it is not shown.

Methodology and sources →