Spot Power Gains on Northeast Grids as Demand Tops Forecast

Spot wholesale electricity from New York to Maine rose as demand topped grid operators’ forecasts.

Power consumption in Manhattan and its four neighboring boroughs was 9,166 megawatts at 11:30 a.m., 4.6 percent higher than the day-ahead outlook for the hour. New England use was 2.2 percent higher than forecast at 20,117 megawatts.

Temperatures from the East Coast into the Midwest will be above normal over the next week, WSI Corp. in Andover, Massachusetts, said. The high in Manhattan’s Central Park may reach 86 degrees Fahrenheit (30 Celsius), 5 above normal, according to AccuWeather Inc. in State College, Pennsylvania.

Spot electricity for New York rose $6.13, or 13 percent, to $52.49 a megawatt-hour during the hour ended at noon from the same time yesterday, grid data compiled by Bloomberg showed. Boston power gained $15.41, or 33 percent, to $62.73.

New York on-peak power flipped to a premium versus Boston of $4.79 from a discount of $14.43 yesterday.

Prices at PJM Interconnection LLC’s Western hub, which includes deliveries to Washington, slipped 6 cents to $37.47 a megawatt-hour. Demand on the 13-state grid was 119,040 megawatts at 11:30 a.m., below the day-ahead outlook of 119,399.

PPL Corp.’s Susquehanna 1 nuclear reactor near Allentown, Pennsylvania, is returning to full power after completing repairs, Joseph Scopelliti, a spokesman for the Co., said in an e-mail. Production was cut to 65 percent yesterday after the unit experienced the loss of one of three pumps that feed water to the reactor, he said.

The reactor has a summer capacity of 1,260 megawatts, Energy Information Administration data show.

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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