Boston Electricity Prices Fall as Demand Drops Below Forecast

Spot wholesale electricity in Boston slid as power consumption fell below expectations.

Power use on the ISO New England Inc. grid averaged 17,467 megawatts at 10:20 a.m., below the day-ahead forecast of 17,540 megawatts, according to the grid’s website.

The high temperature today in Boston may reach 30 degrees Fahrenheit (minus 1 Celsius), 2 above yesterday’s high, according to AccuWeather Inc. in State College, Pennsylvania.

Spot power in Boston declined $84.14, or 40 percent, to average $128.48 a megawatt-hour for the hour ended at 10 a.m. from the same time yesterday, grid data compiled by Bloomberg show. Power in New York fell $62.94, or 54 percent, to average $53.98 a megawatt-hour.

New York on-peak power traded $90.11 below Boston, compared with a discount of $72.58 yesterday and a three-month average discount of $18.44 for New York.

At PJM Interconnection LLC’s benchmark Western hub, which includes Washington, spot power slid $39.09, or 39 percent, to average $62.24 a megawatt-hour at 10 a.m., while prices at the Eastern hub, which includes New Jersey, declined $49.03, or 41 percent, to average $70.15.

PJM West on-peak power traded $9.76 below the Eastern hub, compared with a discount of $7.90 yesterday and a three-month average discount of $11.22 for PJM West.

To contact the reporter on this story: Harry R. Weber in Houston at hweber14@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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