Spot wholesale electricity rose in the U.S. Northeast as higher temperatures boosted demand above expectations.
Use on the ISO New England Inc. network was 17,086 megawatts at 10:25 a.m. New York time, versus the day-ahead forecast of 17,070 megawatts, according to the grid’s website.
The high temperature today in Boston may reach 80 degrees Fahrenheit (27 Celsius), 2 above yesterday, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power in New York City gained $1.03, or 3.6 percent, to average $29.91 a megawatt-hour for the hour ended at 10 a.m. from the same time yesterday, grid data compiled by Bloomberg show. Boston prices rose $8.11, or 34 percent, to average $31.86.
New York on-peak power traded $4.21 above Boston, compared with a premium of $5.81 yesterday and a three-month average discount of $1.17 for New York.
Spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, slid $1.01, or 3.4 percent, to average $28.33 a megawatt-hour at 10 a.m., while prices at the Eastern hub, which includes New Jersey, fell $38.71, or 60 percent, to average $26.
PJM West on-peak power traded $1.10 above the Eastern hub, compared with a discount of $20.31 yesterday and a three-month average discount of $6.35 for PJM West.