June 11 (Bloomberg) -- Spot wholesale electricity fell from the mid-Atlantic states to the Northeast as demand on the largest U.S. power network was below expectations.
The price drop came even as futures for natural gas, a key feedstock in power generation, rose and output at a New York nuclear reactor was cut.
Power use on the 13-state PJM Interconnection LLC network, which stretches from Washington to Chicago, was 105,996 megawatts at 1:10 p.m. New York time, versus the day-ahead forecast of 108,421 megawatts, according to the grid’s website.
The high temperature today in Trenton, New Jersey, is expected to reach 69 degrees Fahrenheit (21 Celsius), 11 below normal, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power at PJM’s benchmark Western hub, which includes Washington, declined $8.81, or 19 percent, to average $37.35 a megawatt-hour for the hour ended at 1 p.m. from the same time yesterday, grid data compiled by Bloomberg show. Prices at the Eastern hub, which includes New Jersey, slid $25.85, or 42 percent, to average $35.63.
PJM West on-peak power traded 40 cents above the Eastern hub, compared with a discount of $53.01 yesterday and a three-month average discount of $3.96 for PJM West.
New York City spot power slid $4.71, or 13 percent, to average $32.65 a megawatt-hour at 1 p.m., while Boston power declined $7.98, or 16 percent, to average $42.37.
New York on-peak power traded $8.32 below Boston, compared with a discount of $3.22 yesterday and a three-month average discount of 8 cents for New York.
Entergy Corp.’s FitzPatrick 1 reactor near Oswego, New York, cut output to 50 percent from full capacity yesterday, according to a notice from the U.S. Nuclear Regulatory Commission. The reactor, which has nameplate capacity of 882 megawatts, restarted late last week after the plant shut to repair a condensor tube.
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