New York City on-peak prices fell from a 14-week high as demand fell below forecasts. Temperatures along the East Coast will lower than yesterday as a cooling trend emerges for the next couple of days, according to WSI Corp. in Andover, Massachusetts.
Spot power for New York City dropped $137.83, or 74 percent, to $48.60 a megawatt-hour in the hour ended at 4 p.m. from the same time yesterday, according to grid data compiled by Bloomberg. On-peak prices were down 34 percent to $53.23 after yesterday averaging $80.35, which was the most since March 26.
Electricity use in New York was 9,792 megawatts at 3:25 p.m., 4.6 percent lower than the day-ahead outlook for the hour, according to the state grid operator’s website.
Prices on the 13-state PJM Interconnection LLC network, from Washington to Chicago, declined as demand started to drop faster than forecast. Power use was 121,648 megawatts at 4:30 p.m., 2.3 percent higher than the day-ahead outlook. Demand topped forecasts by more than 4 percent earlier.
PJM’s benchmark Western grid, which includes Washington, fell $20.22, or 30 percent, to $48.14 during the hour ended at 3 p.m. from a day earlier. On-peak prices fell 5.5 percent to $62.06, the first decline in three days.
New England prices reversed earlier declines as electricity demand jumped above forecasts after matching them most of the day.
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