There is often both good and bad news anytime commodity markets are volatile.
The bad news:
Earlier this month, the NYISO (the entity in charge of economically maintaining the electricity system in New York) completed the first two of three capacity auctions that ultimately set the price paid for capacity in the coming summer months (May – Oct 2020). Many were anticipating higher summer capacity prices (especially in New York City) from this month’s auction given how high forward capacity prices have been. Historical capacity prices for New York City and the rest of New York State are shown in Figure 1.