Spot wholesale electricity slumped in the Northeast as milder weather reduced demand.
Electric use in New York City fell 3.1 percent to average 6,288 megawatts from 11 a.m. until noon, the least for the hour on a weekday since March 12, sending prices lower for a fourth consecutive day. In New England, electricity slid for a third day as demand dropped below the grid operator’s forecasts.
The high temperature in Manhattan today will be seasonal 56 degrees Fahrenheit (13 Celsius) and Boston may climb to 48 degrees, 2 lower than average, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power for New York City fell $36.43, or 50 percent, to average $36.46 a megawatt-hour during the hour ended at noon from the same time yesterday, grid data compiled by Bloomberg showed. On-peak prices for the city were down 2 percent at $56.75, heading lower for the fourth straight day.
The hub for Boston and Northeast Massachusetts declined $27.15, or 36 percent, to $49.25. Power for the highest demand hours of the day averaged $59.51, down 49 percent from yesterday’s full-day average.
New York power traded $2.76 below Boston, compared with a discount of $58.84 yesterday and a three-month average discount of $11.97.