New York Spot Power Drops From 16-Week High as Imports Surge

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New York City spot wholesale electricity prices fell from a 16-week high as imports boosted supplies while moderating heat reduced air conditioner use.

The New York Independent System Operator Inc. reported power flowing into the state from adjacent grids and Canada jumped by more than a third from the previous day. Manhattan’s temperature will top out at 84 degrees (29 Celsius), 2 above normal, after jumping to 90 on Wednesday, AccuWeather Inc.’s website said.

Spot power for the city slid $23.79, or 46 percent, to $28.21 in the hour ended at 1 p.m. from the same time Tuesday, according to grid data compiled by Bloomberg. Average spot on-peak prices were down 76 percent so far Wednesday to $31.45 from the previous full-day average of $128.71, which was the most since March 5.

Electricity use declined 14 percent during the period to 8,454 megawatts. Imports of power were coming in stronger than the 33 percent jump anticipated by the state grid operator. Net imports increased 46 percent to 3,801 megawatts at 1:22 p.m. from a day earlier. Scheduled imports were projected at 3,083 megawatts for Wednesday.

Prices were also lower in New England, the mid-Atlantic and the Midwest as the heat eased in those regions as well.

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