Power Gains From New York to Boston as Consumption IncreasesHarry R. Weber
Spot wholesale electricity rose in the U.S. Northeast as higher temperatures boosted demand above expectations.
Use on the ISO New England Inc. network was 17,086 megawatts at 10:25 a.m. New York time, versus the day-ahead forecast of 17,070 megawatts, according to the grid’s website.
The high temperature today in Boston may reach 80 degrees Fahrenheit (27 Celsius), 2 above yesterday, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power in New York City gained $1.03, or 3.6 percent, to average $29.91 a megawatt-hour for the hour ended at 10 a.m. from the same time yesterday, grid data compiled by Bloomberg show. Boston prices rose $8.11, or 34 percent, to average $31.86.
New York on-peak power traded $4.21 above Boston, compared with a premium of $5.81 yesterday and a three-month average discount of $1.17 for New York.
Spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, slid $1.01, or 3.4 percent, to average $28.33 a megawatt-hour at 10 a.m., while prices at the Eastern hub, which includes New Jersey, fell $38.71, or 60 percent, to average $26.
PJM West on-peak power traded $1.10 above the Eastern hub, compared with a discount of $20.31 yesterday and a three-month average discount of $6.35 for PJM West.