Electricity Gains From Maine to Virginia Amid Higher DemandNaureen S. Malik
Spot wholesale electricity rose from Maine to Virginia as demand increased.
Consumers were using more power in New York City than the state grid operator had predicted. Demand was also higher in New England and on the 13-state PJM Interconnection LLC network stretching from New Jersey into North Carolina and Illinois.
Temperatures were more seasonal today in those regions following cooler readings the previous three days, according to AccuWeather Inc. in State College, Pennsylvania. Boston was expected to have a seasonal high of 80 degrees Fahrenheit (27 Celsius) while Chicago’s reading was forecast to be 4 lower than the average at 78.
Spot on-peak power for Boston gained $4.56, or 17 percent, to $31.89 a megawatt-hour as of 4:14 p.m. from yesterday’s full-day average of $27.32, which was the least since Aug. 5, grid data compiled by Bloomberg showed. On-peak hours are Monday through Friday from 7 a.m. until 11 p.m.
ISO New England Inc. said power consumption on the six-state grid it manages was 17,265 megawatts at 3:40 p.m., topping yesterday’s average of 17,091 megawatts in that hour.
The discount for Boston prices versus New York City narrowed to $3.64 from $4.51 yesterday. New York City’s on-peak average rose $3.70, or 12 percent, to $35.53.
Electricity for the PJM grid, which serves more than 60 million people from Washington to Chicago, reversed earlier losses and gained for the first time in five days.
Spot on-peak prices at the benchmark Western hub advanced $3.40, or 12 percent, to $31.76 a megawatt hour as of 4:14 p.m.
Increased demand also bolstered prices across California while power prices dropped in Texas amid below-normal temperatures.