New York to Boston Power Drops on Lower-Than-Forecast Demand

Spot wholesale electricity in the U.S. Northeast slumped for a second day as demand dropped below forecasts.

New York City’s high temperature today will be 81 degrees Fahrenheit (27 Celsius), 2 below normal, and Boston will see a seasonal 80 degrees, according to AccuWeather Inc. in State College, Pennsylvania.

Spot electricity for New York dropped $34.23, or 60 percent, to $22.55 a megawatt-hour during the hour ended at 10 a.m. from a day earlier, grid data compiled by Bloomberg showed. Yesterday’s day-ahead outlook for the time was $45.79. The on-peak average was down 56 percent at $15.30 from yesterday’s full-day average.

Boston prices fell $18.27, or 34 percent, to $35.31 a megawatt-hour during the same period, below the day-ahead price of $38. The on-peak average was down 6.2 percent at $32.42.

Flood warnings and flash flood watches have been posted from New Hampshire to Georgia as another round of heavy rain and thunderstorms is expected to sweep the region, according to the National Weather Service.

Electricity consumption on the six-state grid stretching from Maine to Connecticut was 19,514 megawatts at 10:40 a.m., below the day-ahead estimate of 19,600 megawatts for the hour, according to ISO New England Inc.’s website. New York City demand was 8,456 megawatt at 10:35 a.m. versus the forecast of 8,687 megawatts, data from the New York Independent System Operator Inc. showed.

To contact the reporter on this story: Naureen S. Malik in New York at nmalik28@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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