Spot wholesale electricity slid in the New York City market as demand fell below forecasts.
Electricity use in Manhattan and its four neighboring boroughs dropped to an average of 6,597 megawatts for the hour ending at noon, down 7.8 percent, or 556 megawatts, from the day-ago period and 4.5 percent lower than the forecast.
The high temperature in Manhattan was expected to reach 70 degrees Fahrenheit (21 Celsius), the norm for the date, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power for New York City fell $8.26, or 19%, to average $34.92 a megawatt-hour during the period ended at noon from the same time yesterday, grid data compiled by Bloomberg showed. Prices in the hub for Boston and northeastern Massachusetts dropped $9.46, or 16 percent, to average $49.13.
On-peak power in Boston was trading at an average premium of $1.06 a megawatt-hour to New York City today, compared with a discount of $2.60 yesterday and a three-month average premium of $10.92.