← Electricity generation trends
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.
Palo Verde spark spread
Selected month
July 2026 · $29.59/MWh
148 of 151 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.
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
Above the shared scale: $213.30 per MWh in August 2020, the most extreme of 9 months beyond it; every value is in the monthly table.
Below the shared scale: −$55.85 per MWh in February 2021.
July 2026
- Spark spread · $/MWh
- $29.59
- On-peak power · $/MWh
- $55.02
- U.S. delivered gas benchmark · $/MMBtu
- $3.37
- Breakeven gas · $/MMBtu
- $7.29
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.
View monthly values
| Month | Spark spread, $/MWh | On-peak power, $/MWh | U.S. delivered gas benchmark, $/MMBtu | Breakeven gas, $/MMBtu |
|---|---|---|---|---|
| January 2014 | No supported value | |||
| February 2014 | No supported value | |||
| March 2014 | No supported value | |||
| April 2014 | $2.08 | $40.69 | $5.12 | $5.39 |
| May 2014 | $5.07 | $42.44 | $4.95 | $5.62 |
| June 2014 | $9.05 | $45.69 | $4.85 | $6.05 |
| July 2014 | $11.93 | $45.47 | $4.44 | $6.02 |
| August 2014 | $10.39 | $41.56 | $4.13 | $5.51 |
| September 2014 | $9.06 | $40.84 | $4.21 | $5.41 |
| October 2014 | $7.12 | $38.10 | $4.10 | $5.05 |
| November 2014 | $4.56 | $38.84 | $4.54 | $5.15 |
| December 2014 | −$1.24 | $31.66 | $4.36 | $4.19 |
| January 2015 | −$5.88 | $25.63 | $4.17 | $3.40 |
| February 2015 | −$12.41 | $24.31 | $4.87 | $3.22 |
| March 2015 | −$1.96 | $25.19 | $3.60 | $3.34 |
| April 2015 | $0.38 | $24.03 | $3.13 | $3.18 |
| May 2015 | $0.17 | $24.12 | $3.17 | $3.20 |
| June 2015 | $9.68 | $33.36 | $3.14 | $4.42 |
| July 2015 | $8.67 | $32.28 | $3.13 | $4.28 |
| August 2015 | $11.66 | $35.25 | $3.13 | $4.67 |
| September 2015 | $6.37 | $29.69 | $3.09 | $3.93 |
| October 2015 | $4.76 | $26.92 | $2.94 | $3.57 |
| November 2015 | $2.45 | $22.76 | $2.69 | $3.02 |
| December 2015 | $1.77 | $21.58 | $2.62 | $2.86 |
| January 2016 | −$1.75 | $21.45 | $3.07 | $2.84 |
| February 2016 | −$2.05 | $18.63 | $2.74 | $2.47 |
| March 2016 | $0.17 | $17.18 | $2.25 | $2.28 |
| April 2016 | $0.56 | $18.96 | $2.44 | $2.51 |
| May 2016 | $0.59 | $18.79 | $2.41 | $2.49 |
| June 2016 | $11.25 | $31.52 | $2.68 | $4.18 |
| July 2016 | $17.93 | $40.36 | $2.97 | $5.35 |
| August 2016 | $14.61 | $36.95 | $2.96 | $4.90 |
| September 2016 | $3.01 | $26.23 | $3.08 | $3.48 |
| October 2016 | $2.91 | $26.53 | $3.13 | $3.51 |
| November 2016 | −$2.72 | $20.19 | $3.04 | $2.68 |
| December 2016 | −$1.42 | $28.89 | $4.01 | $3.83 |
| January 2017 | −$4.69 | $26.79 | $4.17 | $3.55 |
| February 2017 | −$5.60 | $21.60 | $3.60 | $2.86 |
| March 2017 | −$4.58 | $21.08 | $3.40 | $2.79 |
| April 2017 | $3.18 | $28.76 | $3.39 | $3.81 |
| May 2017 | $3.12 | $29.52 | $3.50 | $3.91 |
| June 2017 | $17.08 | $41.91 | $3.29 | $5.55 |
| July 2017 | $16.29 | $40.52 | $3.21 | $5.37 |
| August 2017 | $31.04 | $54.69 | $3.13 | $7.25 |
| September 2017 | $10.09 | $33.96 | $3.16 | $4.50 |
| October 2017 | $11.84 | $35.52 | $3.14 | $4.71 |
| November 2017 | $2.95 | $28.50 | $3.38 | $3.78 |
| December 2017 | −$0.74 | $27.06 | $3.68 | $3.58 |
| January 2018 | −$12.32 | $26.95 | $5.20 | $3.57 |
| February 2018 | −$0.02 | $27.37 | $3.63 | $3.63 |
| March 2018 | $0.46 | $24.69 | $3.21 | $3.27 |
| April 2018 | $2.31 | $26.14 | $3.16 | $3.46 |
| May 2018 | −$0.52 | $22.58 | $3.06 | $2.99 |
| June 2018 | $9.74 | $33.32 | $3.12 | $4.41 |
| July 2018 | $90.70 | $115.18 | $3.24 | $15.26 |
| August 2018 | $63.35 | $88.14 | $3.28 | $11.68 |
| September 2018 | $6.89 | $30.43 | $3.12 | $4.03 |
| October 2018 | $5.37 | $31.09 | $3.41 | $4.12 |
| November 2018 | $7.99 | $39.67 | $4.20 | $5.26 |
| December 2018 | $4.55 | $40.24 | $4.73 | $5.33 |
| January 2019 | −$0.92 | $29.43 | $4.02 | $3.90 |
| February 2019 | $33.43 | $60.92 | $3.64 | $8.07 |
| March 2019 | $0.38 | $26.70 | $3.49 | $3.54 |
| April 2019 | −$3.15 | $18.66 | $2.89 | $2.47 |
| May 2019 | −$7.90 | $12.97 | $2.76 | $1.72 |
| June 2019 | $6.49 | $25.94 | $2.58 | $3.44 |
| July 2019 | $23.30 | $42.50 | $2.54 | $5.63 |
| August 2019 | $24.46 | $42.70 | $2.42 | $5.66 |
| September 2019 | $15.03 | $34.61 | $2.59 | $4.59 |
| October 2019 | $12.28 | $31.09 | $2.49 | $4.12 |
| November 2019 | $15.42 | $37.88 | $2.98 | $5.02 |
| December 2019 | $6.17 | $28.30 | $2.93 | $3.75 |
| January 2020 | −$2.57 | $17.37 | $2.64 | $2.30 |
| February 2020 | −$1.36 | $16.90 | $2.42 | $2.24 |
| March 2020 | $7.42 | $23.66 | $2.15 | $3.13 |
| April 2020 | $1.02 | $17.03 | $2.12 | $2.26 |
| May 2020 | −$1.10 | $15.42 | $2.19 | $2.04 |
| June 2020 | $10.64 | $26.03 | $2.04 | $3.45 |
| July 2020 | $25.34 | $40.96 | $2.07 | $5.43 |
| August 2020 | $213.30 | $231.54 | $2.42 | $30.68 |
| September 2020 | $55.80 | $74.02 | $2.41 | $9.81 |
| October 2020 | $28.33 | $47.17 | $2.50 | $6.25 |
| November 2020 | $6.81 | $29.40 | $2.99 | $3.89 |
| December 2020 | $3.76 | $27.82 | $3.19 | $3.69 |
| January 2021 | $0.89 | $25.30 | $3.23 | $3.35 |
| February 2021 | −$55.85 | $75.70 | $17.43 | $10.03 |
| March 2021 | −$0.31 | $24.81 | $3.33 | $3.29 |
| April 2021 | $7.01 | $30.34 | $3.09 | $4.02 |
| May 2021 | $7.32 | $32.06 | $3.28 | $4.25 |
| June 2021 | $127.83 | $154.56 | $3.54 | $20.48 |
| July 2021 | $73.30 | $104.15 | $4.09 | $13.80 |
| August 2021 | $33.88 | $67.39 | $4.44 | $8.93 |
| September 2021 | $40.06 | $78.22 | $5.06 | $10.36 |
| October 2021 | $6.79 | $49.74 | $5.69 | $6.59 |
| November 2021 | $1.82 | $45.47 | $5.78 | $6.02 |
| December 2021 | $4.94 | $48.09 | $5.72 | $6.37 |
| January 2022 | −$10.39 | $40.40 | $6.73 | $5.35 |
| February 2022 | −$6.59 | $38.87 | $6.02 | $5.15 |
| March 2022 | −$3.74 | $35.08 | $5.14 | $4.65 |
| April 2022 | $18.41 | $65.50 | $6.24 | $8.68 |
| May 2022 | $7.55 | $64.61 | $7.56 | $8.56 |
| June 2022 | $20.49 | $80.83 | $7.99 | $10.71 |
| July 2022 | $47.07 | $104.15 | $7.56 | $13.80 |
| August 2022 | $88.48 | $156.61 | $9.03 | $20.75 |
| September 2022 | $131.48 | $192.86 | $8.13 | $25.55 |
| October 2022 | $16.15 | $59.94 | $5.80 | $7.94 |
| November 2022 | $31.34 | $74.83 | $5.76 | $9.91 |
| December 2022 | $173.38 | $242.33 | $9.14 | $32.11 |
| January 2023 | $88.70 | $143.21 | $7.22 | $18.97 |
| February 2023 | $34.78 | $68.55 | $4.47 | $9.08 |
| March 2023 | $33.78 | $59.60 | $3.42 | $7.90 |
| April 2023 | $43.95 | $64.56 | $2.73 | $8.55 |
| May 2023 | $9.44 | $28.76 | $2.56 | $3.81 |
| June 2023 | $19.31 | $38.96 | $2.60 | $5.16 |
| July 2023 | $90.76 | $113.46 | $3.01 | $15.03 |
| August 2023 | $122.98 | $145.25 | $2.95 | $19.24 |
| September 2023 | $22.93 | $44.66 | $2.88 | $5.92 |
| October 2023 | $38.04 | $60.15 | $2.93 | $7.97 |
| November 2023 | $27.00 | $52.77 | $3.41 | $6.99 |
| December 2023 | $15.14 | $40.17 | $3.32 | $5.32 |
| January 2024 | $28.77 | $66.12 | $4.95 | $8.76 |
| February 2024 | $8.96 | $31.06 | $2.93 | $4.11 |
| March 2024 | $0.42 | $17.15 | $2.22 | $2.27 |
| April 2024 | −$4.18 | $11.33 | $2.06 | $1.50 |
| May 2024 | −$2.52 | $14.91 | $2.31 | $1.98 |
| June 2024 | $19.50 | $39.82 | $2.69 | $5.28 |
| July 2024 | $54.08 | $73.01 | $2.51 | $9.67 |
| August 2024 | $38.10 | $55.15 | $2.26 | $7.31 |
| September 2024 | $25.87 | $43.79 | $2.37 | $5.80 |
| October 2024 | $25.87 | $45.58 | $2.61 | $6.04 |
| November 2024 | $9.62 | $29.66 | $2.66 | $3.93 |
| December 2024 | $3.38 | $32.77 | $3.89 | $4.34 |
| January 2025 | −$0.83 | $44.49 | $6.00 | $5.89 |
| February 2025 | −$8.67 | $28.25 | $4.89 | $3.74 |
| March 2025 | −$7.10 | $24.68 | $4.21 | $3.27 |
| April 2025 | −$0.57 | $26.63 | $3.60 | $3.53 |
| May 2025 | $3.18 | $28.02 | $3.29 | $3.71 |
| June 2025 | $16.42 | $41.68 | $3.35 | $5.52 |
| July 2025 | $22.03 | $48.76 | $3.54 | $6.46 |
| August 2025 | $27.59 | $51.55 | $3.17 | $6.83 |
| September 2025 | $12.91 | $35.87 | $3.04 | $4.75 |
| October 2025 | $4.34 | $27.64 | $3.09 | $3.66 |
| November 2025 | $5.68 | $35.20 | $3.91 | $4.66 |
| December 2025 | −$9.29 | $29.25 | $5.11 | $3.87 |
| January 2026 | −$44.89 | $31.67 | $10.14 | $4.20 |
| February 2026 | −$28.54 | $19.32 | $6.34 | $2.56 |
| March 2026 | −$1.88 | $21.62 | $3.11 | $2.86 |
| April 2026 | −$9.72 | $11.22 | $2.77 | $1.49 |
| May 2026 | −$1.71 | $19.09 | $2.76 | $2.53 |
| June 2026 | $0.29 | $24.26 | $3.18 | $3.21 |
| July 2026 | $29.59 | $55.02 | $3.37 | $7.29 |
Compare hubs in July 2026
| Hub | Spark spread ($/MWh) |
|---|---|
| Mass Hub | $61.31 |
| PJM West | $117.25 |
| Indiana Hub | No valueLast supported: July 2023 |
| Mid-C | $29.80 |
| NP-15 | $17.59 |
| SP-15 | $14.09 |
| Palo Verde · shown | $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 Palo Verde
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
- This is a fuel margin, not a profit. It leaves out operating and maintenance cost, capital cost, capacity payments and ancillary revenue.
- 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.
- No carbon cost. Generators in RGGI states and California also buy allowances, which this leaves out.
- A reference plant, not a real one. The heat rate is an EIA fleet average for the technology, not any particular plant’s.
- 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.
- 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.