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Power Gains From New York to Boston as Consumption Increases

July 18 (Bloomberg) -- 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.

To contact the reporter on this story: Harry R. Weber in Houston at hweber14@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Bill Banker, Richard Stubbe

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