Eastern U.S. Power Declines as Milder Weather Reduces DemandJonathan N. Crawford
Spot wholesale electricity in Boston, New York and Washington fell as milder weather trimmed demand.
Power consumption in New York averaged 6,603 megawatts for the hour ending at 2 p.m., down 0.1 percent from a day earlier, according to the New York Independent System Operator Inc.’s website.
The high temperature in New York was projected to be 71 degrees Fahrenheit (22 Celsius), 2 below normal, according to AccuWeather Inc. in State College, Pennsylvania. Analysts typically use 65 degrees as a benchmark for weather that requires no heating or cooling.
Spot power for New York City slid $26.21, or 40 percent, to average $39.84 a megawatt-hour in the hour ended at 2 p.m. from the same time yesterday, grid data compiled by Bloomberg showed. The hub for Boston and Northeast Massachusetts, which is projected to have lower-than-normal temperatures, fell $4.24, or 11 percent, to $36.16, data from ISO New England Inc. showed.
New York on-peak power traded 31 cents below the Boston market, compared with a discount of $3.15 yesterday and a three-month average discount of $5.64 for New York.
At PJM Interconnection LLC’s benchmark Western hub, which includes Washington, spot power fell $12.38, or 23 percent, to average $40.95. Average on-peak power prices for the market are on pace to reach the lowest level in five weeks.