Spot wholesale electricity from Boston to Washington slumped as milder weather reduced the need for power to run air conditioners.
Demand was running below forecasts on the grids serving New England, New York and the mid-Atlantic states. The high temperature in New York City today was 82 degrees Fahrenheit (28 Celsius), 2 below normal, and Washington’s reading may be 5 lower than average at 83 degrees, according to AccuWeather Inc. in State College, Pennsylvania.
Spot on-peak power for New York City dropped $26.04, or 43 percent, to average $35.24 a megawatt-hour as of 4 p.m. from yesterday’s full-day average, grid data compiled by Bloomberg show. Boston slid $17.25, or 36 percent, to $30.64.
The premium for New York spot on-peak power versus Boston narrowed to $4.61 cents from $13.46 yesterday. On-peak hours are Monday through Friday from 7 a.m. until 11 p.m.
Peak electricity consumption in New York City and across the six New England states will be about 6 percent lower than yesterday’s highs, data from the regional grid operators show.
Prices also fell on the PJM Interconnection LLC network as demand dropped below day-ahead forecasts. The grid serves more than 60 million people along the East Coast and in the Midwest, including Philadelphia, Washington and Chicago.
Spot on-peak electricity at PJM’s benchmark Western hub was down $2.45, or 7 percent, to $32.65 a megawatt-hour.
In California and in northern Texas, including the Dallas-Fort Worth metropolitan area, prices rose as demand topped forecasts.