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Power Prices in Boston Drop as Demand Below Day-Ahead Forecast

Spot wholesale electricity prices fell in the Northeast as mild weather reduced demand below expectations.

Power use on the ISO New England Inc. network averaged 15,126 megawatts at 4:10 p.m. New York time, versus the day-ahead forecast of 15,270 megawatts, the grid’s website shows.

The temperature today in Boston reached 45 degrees Fahrenheit (7 Celsius) at 4:10 p.m., 10 above yesterday’s high, according to AccuWeather Inc. in State College, Pennsylvania. In New York City, it was 42 degrees, 6 above yesterday’s high.

Spot power in Boston slid $74.75, or 63 percent, to average $43.62 a megawatt-hour for the hour ended at 4 p.m. from the same time yesterday, while New York City power declined $2.77, or 4.1 percent, to average $65.07, grid data compiled by Bloomberg show.

New York on-peak power traded $12.39 below Boston, compared with a discount of $66.38 yesterday and a three-month average discount of $12.66 for New York.

At PJM Interconnection LLC’s benchmark Western hub, which includes Washington, spot power fell $5.49, or 13 percent, to average $38.52 at 4 p.m., while prices at the Eastern hub, which includes New Jersey, slid $54.37, or 58 percent, to average $40.

PJM West on-peak power traded $2.05 below the Eastern hub, compared with a discount of $26.11 yesterday and a three-month average discount of $18.24 for PJM West.

Spot power at the Indiana hub, a regional benchmark for the Midwest, declined $9.04, or 22 percent, to average $31.53 for the hour ended at 2 p.m. local time.

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