New York City Power Slips as Mild Weather Reduces Demand

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On-peak power in New York City slid to its lowest level in almost a week as cooler-than-normal weather cut electricity demand 14 percent.

Use in New York fell 1,322 megawatts to average 7,862 megawatts for the hour ended at noon from the same time Wednesday. The high temperature Thursday in New York may reach 82 degrees Fahrenheit (28 Celsius), 2 below the historical average, according to AccuWeather Inc. in State College, Pennsylvania.

On-peak power in New York declined $8.51, or 26 percent, to $24.66 a megawatt-hour, heading toward the lowest full-day average since July 3, according to grid data compiled by Bloomberg.

New York spot power slid $7.56, or 25 percent, to average $22.39 a megawatt-hour. Boston power gained $2.39, or 9.9 percent, to average $26.63.

New York on-peak power traded $2.36 below Boston, compared with a premium of $5.39 on Wednesday and a three-month average premium of $5.25 for New York.

Spot power at the Indiana hub, a regional benchmark for the Midwest, rose $1.80, or 7 percent, to average $27.45 a megawatt-hour for the hour ended at 11 a.m. local time from the same time Wednesday. Power at the Minnesota hub advanced $6.72, or 36 percent, to average $25.48.

Wind output on the Midcontinent Independent System Operator Inc. network, which stretches from the Midwest to the U.S. Gulf Coast, averaged 356 megawatts, below the day-ahead forecast of 557 megawatts, according to the grid’s website.

Natural gas for August delivery rose 2.9 cents, or 1.1 percent, to $2.714 per million British thermal units at 12:30 p.m. on the New York Mercantile Exchange. About 30 percent of U.S. electricity is generated using gas.

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