East Coast Wholesale Power Gains Amid Jump in Electricity Demand

Wholesale spot power in Eastern U.S. markets advanced as seasonably warm weather boosted electricity consumption from a day earlier.

The high temperature in New York Friday was forecast to be 80 degrees Fahrenheit (27 Celsius), 4 below normal, while Washington’s maximum may be 88, 1 less than average, according to AccuWeather Inc.

Power usage in Manhattan and its four neighboring boroughs climbed 5.4 percent at 2 p.m. from a day earlier, data from the New York Independent System Operator Inc. showed. Electricity use in the mid-Atlantic grid run by PJM Interconnection LLC jumped 12 percent.

Spot wholesale power for New York City almost doubled, gaining $23.33 to average $47.50 a megawatt-hour during the hour ended at 3 p.m. on Friday from the same time a day earlier, grid data compiled by Bloomberg showed.

Power in PJM’s Eastern hub, which includes New Jersey, eastern Pennsylvania, Maryland and Virginia, rose $1.06 to average $18.81.

Average on-peak power in the PJM East hub traded $5.63 below New York, widening from $4.41 Thursday, and compared with a three-month average premium for PJM East of $3.33 a megawatt-hour.

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