Power Drops on Northeast Grids as Mild Weather Reduces Demand

Spot wholesale electricity in Boston fell as mild weather trimmed demand.

Power consumption across the New England market dropped to 14,373 megawatts at 3 p.m., 5.4 percent below the forecast average for the hour beginning at 2:30 p.m., according to ISO New England Inc., which manages the six-state grid.

Power at the hub for Boston and Northeast Massachusetts fell $5.96, or 14 percent, to average $37.13 a megawatt-hour during the hour ended at 3 p.m. from the same time yesterday, grid data compiled by Bloomberg showed.

Electricity demand was forecast to reach a peak hourly average of 15,550 megawatts in the hour ending at 9 p.m.

Prices in New York climbed $1.99, or 5.4 percent, to an average of $38.96. Spot on-peak power in New York traded at a discount of 16 cents to Boston, compared with a premium of $6.15 yesterday and a three-month average discount of $13.36.

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