Spot wholesale electricity climbed to a one-week high in New England as demand on the six-state grid topped forecasts.
Consumers from Connecticut to Maine used 17,606 megawatts at 12:50 p.m., 2.7 percent higher than the outlook for that hour, ISO New England Inc. data show. Fair and seasonal weather was expected for the region today, with occasional light snow, said WSI Corp. in Andover, Massachusetts.
Spot power at the Boston/Northeast Massachusetts hub more than doubled, rising $63.88 to average $125.78 a megawatt-hour during the hour ended at noon from the same time yesterday, grid data compiled by Bloomberg show. On-peak prices at the hub are up 97 percent at $136.06, the highest average since Dec. 19.
Spot prices in Manhattan and its four neighboring boroughs were up $18.59, or 41 percent, to $63.99 a megawatt-hour as of noon. The city’s on-peak average gained 29 percent to $52.83.
The high temperature in Boston may be 37 degrees Fahrenheit (3 Celsius), 1 below normal, according to AccuWeather Inc. in State College, Pennsylvania. New York may be a seasonable 39 degrees while Chicago may see 30.
Higher-than-forecast demand buoyed prices on the 13-state PJM Interconnection LLC network, which serves more than 60 million people from Washington to Chicago.
PJM’s benchmark Western hub, including Washington, rose $2.49, or 7.2 percent, to average $36.90 a megawatt-hour as of noon. The Eastern hub, which includes Maryland, Pennsylvania, Virginia and New Jersey, rose $4.28, or 12 percent, to $39.30.
The eastern hub, which can export electricity to New York, was trading at a $14.25 premium to Manhattan, up from $1.34 yesterday.
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