Spot wholesale electricity prices declined from Boston to Chicago and Washington as milder weather cut demand.
Power consumption was lower on the three Eastern U.S. grids. PJM Interconnection LLC data showed demand on its 13-state network was 85,998 megawatts at 11:30 a.m., down 12 percent from the same hour on Sept. 20. New England use was coming in below forecasts.
The high temperature in Boston today may be 63 degrees Fahrenheit (17 Celsius), 7 below average, according to AccuWeather Inc. in State College, Pennsylvania. Washington’s reading may be 5 lower than average at 72 degrees and Chicago will be 5 below normal at 68 degrees.
Spot power for Boston dropped $12.37, or 31 percent, to average $27.93 a megawatt-hour during the hour ended at 11 a.m. from the same time on Sept. 20, grid data compiled by Bloomberg showed. New York City slid $5.76, or 16 percent, to $30.16.
The premium for New York power to Boston widened to $5.06 from an average of 9 cents on Sept. 20.
Prices at PJM’s benchmark Western hub, which serves Washington, fell $4.69, or 14 percent, to average $29.85. On-peak power at the hub was trading at a discount of $24.52 to the Eastern hub, which includes prices for New Jersey, Maryland and Virginia, narrowing from $32.40 on Sept. 20.