Spot wholesale electricity in the U.S. Northeast plunged as cooler-than-normal weather cut demand.
Use in New York City fell 17 percent to average 6,551 megawatts for the hour ended at 2 p.m. from the same hour May 29, according to grid data compiled by Bloomberg.
The high temperature Monday in New York may reach 58 degrees Fahrenheit (14 Celsius), 17 below normal, while in Boston the high may reach 51 degrees, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power in New York slid $47.02, or 72 percent, to average $18.27 a megawatt-hour at 2 p.m. from the same hour May 29. Boston power declined $14.67, or 43 percent, to average $19.34 a megawatt-hour.
New York on-peak power traded $2.97 above Boston, compared with a discount of $7.59 on May 29 and a three-month average premium of 28 cents for New York.
Spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, gained $36.06, or 53 percent, to average $104.72 a megawatt-hour at 2 p.m. Power at the Eastern hub, which includes New Jersey, fell $37.84, or 59 percent, to average $25.94 a megawatt-hour.
PJM West on-peak power traded $38.93 above the Eastern hub, compared with a premium of 70 cents on May 29 and a three-month average premium of $1.69 for PJM West.
Natural gas for July delivery rose 0.7 cent to settle at $2.649 per million British thermal units on the New York Mercantile Exchange. About 30 percent of U.S. electricity is generated using gas.