New York City Wholesale Power Advances Amid Jump in Demand

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Average on-peak power in New York headed to a three-week high as warmer weather boosted electricity usage.

The high temperature in New York was forecast to be 84 degrees Fahrenheit (29 Celsius), 4 above normal, according to AccuWeather Inc. of State College, Pennsylvania.

Power consumption in New York jumped 18 percent at 4 p.m. from a day earlier, according to data from the New York Independent System Operator Inc.

Spot wholesale power for Manhattan and its four neighboring boroughs more than doubled, gaining $40.63 to average $73.34 a megawatt-hour during the hour ended at 4 p.m. on Friday from the same time a day earlier, grid data compiled by Bloomberg showed.

On-peak power for the New York hub averaged $45.54, up 47 percent from Thursday’s full-day average, heading for the highest since May 29.

Power in ISO New England Inc.’s benchmark Boston hub fell 37 cents, or 1.1 percent, to average $34.72 a megawatt-hour after climbing to as high as $65.54 earlier in the day.

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