Spot wholesale electricity prices in the Northeast declined as warmer-than-expected weather following days of below-normal temperatures reduced demand.
Power use in New York City dropped 2.9 percent to average 6,939 megawatts during the hour ended at 11 a.m. from the same time yesterday, grid data compiled by Bloomberg showed.
The high temperature today in New York may reach 40 degrees Fahrenheit (4 Celsius), 10 above yesterday and 1 above the historical average, while in Boston, the high may reach 41 degrees, 11 above yesterday and 5 above normal, according to AccuWeather Inc. in State College, Pennsylvania.
Spot prices in New York fell $207.46, or 68 percent, to average $100.09 a megawatt-hour for the hour ended at 11 a.m. from the same time yesterday, the grid data showed. Boston prices slid $57.44, or 26 percent, to average $165.93 a megawatt-hour.
New York on-peak power traded $88.51 below Boston, compared with a discount of $2.11 yesterday and a three-month average discount of $13.86 for New York.
At PJM Interconnection LLC’s benchmark Western hub, which includes Washington, prices reversed earlier declines and rose $8.66, or 8.6 percent, to average $109.58 a megawatt-hour at 11 a.m. Prices at the Eastern hub, which includes New Jersey, advanced $6.73, or 6.1 percent, to average $117.87 a megawatt-hour.
PJM West on-peak power traded $9.16 below the Eastern hub, compared with a discount of $25.27 yesterday and a three-month average discount of $11.11 for PJM West.
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