Demand for LNG has increased dramatically due to the reduction/shutdown of Russian gas shipments to Europe. This has translated into higher natural gas prices in the US. In some power markets, where natural gas is the marginal resouce, this then translates into higher spot electricity prices.
In California, the Investor-Owned Utilities are still publishing the Short Run Avoided Cost (SRAC). SRAC is roughly equivalent to a spot price and it has soared to a 12 year high this August.
While prices exceeded 10 cents/kWh in August, this isn’t a historic high. That honor belongs to the Enron energy crisis forcing spot prices all the way to 17.6 cents/kWh in January 2001.