New England Power Jumps on Higher-Than-Expected Demand

Spot wholesale electricity prices gained in New England as demand topped forecasts.

Electricity use across New England touched 14,754 megawatts at 2 p.m. That exceeded the forecast average for the hour ending at 2:30 p.m. by 404 megawatts, or 2.8 percent, data from grid manager ISO New England Inc. showed.

The high temperature in Boston today was forecast to be 66 degrees Fahrenheit (19 Celsius), 5 below normal, according to AccuWeather Inc. in State College, Pennsylvania.

Spot power in the Boston and Northeast Massachusetts hub climbed $1.45, or 4.4 percent, to average $34.30 a megawatt-hour during the hour ended at 2 p.m. from the same time yesterday, grid data compiled by Bloomberg showed.

Boston on-peak power traded $9.25 above New York City, compared with a discount of $8.14 yesterday and a three-month average premium of $1.93.

Power prices rose across Texas as the South Texas Project Electric Generating Station’s Unit 1 reactor shut down, and average wind output missed day-ahead projections by about 1,000 megawatts for the hour ending at 1 p.m. local time.

Spot power at the North hub, which includes Dallas, climbed by $1.11, or 2.4 percent, from day-earlier prices to average $47.32 a megawatt-hour for the hour ending at 1 p.m. local time, according to the Electric Reliability Council of Texas Inc.

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