New York On-Peak Power Slides as Nuclear Unit Boosts Supplies

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On-peak power in New York fell to the lowest level in almost two weeks as the startup of Entergy Corp.’s Indian Point 3 reactor boosted electricity supplies.

The 1,012-megawatt plant north of the city was running at full capacity after returning to service Tuesday, the Nuclear Regulatory Commission said.

On-peak power in New York fell $8.64, or 36 percent, to $15.44 a megawatt-hour at noon local time, heading toward the lowest full-day average since June 4, according to grid data compiled by Bloomberg.

Spot power slid $6.88, or 26 percent, to average $19.50 a megawatt-hour for the hour ended at noon from the same time Tuesday. Boston power gained 1 cent to average $16.31 a megawatt-hour.

New York on-peak power traded $1.91 below Boston, compared with a premium of $7.08 on Tuesday and a three-month average discount of 14 cents for New York.

Spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, rose $4.03, or 13 percent, to average $36.31 a megawatt-hour at noon, while power at the Eastern hub, which includes New Jersey, slid $80.24, or 62 percent, to average $49.79 a megawatt-hour.

PJM West on-peak power traded $1.84 below the Eastern hub, compared with a discount of $40.99 on Tuesday and a three-month average premium of $1.80 for PJM West.

Natural gas for July delivery fell 3.7 cents, or 1.3 percent, to $2.857 per million British thermal units at 1:01 p.m. on the New York Mercantile Exchange. About 30 percent of U.S. electricity is generated using gas.

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