Power Prices Gain on Northeast Grids as Demand Tops Forecasts
Spot wholesale electricity prices from Maine to Connecticut gained as demand topped forecasts on the two Northeast grids.
ISO New England Inc. said power consumption across its six-state network was 16,323 megawatts at 9:40 a.m., 2 percent higher than the outlook for the hour, according to its website. New York City’s electric use was 2.5 percent above the day-ahead forecast at 7,404 megawatts, data from the state grid operator showed.
The high temperature in Manhattan today may be 77 degrees Fahrenheit (25 Celsius), 2 below normal, while Boston’s reading may be 6 lower than average at 70 degrees, according to AccuWeather Inc. in State College, Pennsylvania.
Spot prices for Boston jumped $15.84, or 58 percent, to average $43.32 a megawatt-hour during the hour ended at 9 a.m. from the same time yesterday, grid data compiled by Bloomberg showed.
New York City prices were up $1.67, or 5.3 percent, at $33.01. On-peak power for the city flipped to a discount of $5.65 versus Boston from a premium of $17 yesterday.
To contact the reporter on this story: Naureen S. Malik in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com