New England Spot Power Gains as Vermont Yankee Cuts Back
Spot wholesale electricity gained in New England after a Vermont nuclear reactor reduced output.
Entergy Corp. (ETR) cut generation at its Vermont Yankee plant, about 80 miles (129 kilometers) northwest of Boston, to 29 percent of capacity from full power yesterday, Nuclear Regulatory Commission data show. The unit’s nameplate capacity is 563 megawatts, according to the Energy Information Administration.
An unusually cold start to the day lifted demand above previous-day levels, ISO New England Inc.’s website showed. The low in Boston dropped to 47 degrees Fahrenheit (8 Celsius), 7 below the seasonal average, according to AccuWeather Inc. in State College, Pennsylvania.
“That lack of baseload generation is causing stronger morning prices than yesterday,” said Jesse Fitzmaurice, a Boston-based analyst with Genscape Inc., which tracks real-time power data. “Demand is also a bit stronger this morning than yesterday, we saw mid 30s to upper 40s across some parts of the Northeast that may have prompted some heating load.”
Spot prices for Boston rose $6.65, or 24 percent, to average $34.58 a megawatt-hour during the hour ended at 11 a.m. from the same time yesterday, grid data compiled by Bloomberg showed.
Boston on-peak power traded at a premium of $6.08 to New York City prices versus a discount of $3.41 yesterday. New York prices in the 10 a.m. hour were little changed, down 64 cents, or 2.1 percent, at $29.52.
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