Spot wholesale electricity prices gained in the New York City market on higher-than-expected demand.
Power consumption in Manhattan and its four neighboring boroughs averaged 6,476 megawatts in the hour ended at 1 p.m., up 3.5 percent from the same time yesterday, according to New York Independent System Operator Inc. data compiled by Bloomberg.
Power prices for New York City gained $8.81, or 21 percent, to average $50.49 a megawatt-hour during the hour ended at 1 p.m. from the same time yesterday, grid data showed.
New York on-peak power traded at a premium to Boston of $3.95, compared with a $13.56 discount yesterday and a three-month average discount of $14.13.
The high in New York was expected to reach 50 degrees Fahrenheit (10 Celsius), 16 below normal.
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