Spot wholesale electricity slid in Boston as lower-than-normal summer temperatures cut demand and cheaper natural gas prices reduced generators’ fuel costs.
Consumption on the ISO New England Inc. network was 18,433 megawatts at 12:15 p.m. New York time, below the day-ahead forecast of 19,190 megawatts, according to the grid’s website.
The high temperature Monday in Boston may reach 71 degrees Fahrenheit (22 Celsius), 7 below normal, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power in Boston fell $8.35, or 17 percent, to average $40.88 a megawatt-hour for the hour ended at noon from the same time June 19, grid data compiled by Bloomberg show. New York City power declined $13.21, or 35 percent, to average $24.79.
New York on-peak power traded $12.30 above Boston, compared with a discount of $10.22 on June 19 and a three-month average premium of $1.20 for New York.
In the mid-Atlantic states, spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, gained 65 cents to average $33.82. Power at the Eastern hub, which includes New Jersey, advanced $3.96 to average $34.25.
PJM West on-peak power traded 27 cents above the Eastern hub, compared with a discount of $3.13 on June 19 and a three-month average premium of $2.07 for PJM West.
Natural gas for July delivery fell 8.8 cents, or 3.1 percent, to $2.728 per million British thermal units at 12:49 p.m. on the New York Mercantile Exchange. About 30 percent of U.S. electricity is generated using gas.