Boston On-Peak Power Rises on Higher-Than-Forecast DemandHarry R. Weber
On-peak power in Boston rose to the highest price in almost three weeks as demand on the ISO New England Inc. network exceeded expectations.
Use was 14,820 megawatts at 11:10 a.m. New York time, versus the day-ahead forecast of 14,730 megawatts, according to the grid’s website.
Boston on-peak power was up $21.97, or 71 percent, to $52.81 a megawatt-hour at 11 a.m., heading toward the highest full-day average since Sept. 5, according to grid data compiled by Bloomberg.
Spot power in more than doubled, advancing $29.32 to average $51.81 a megawatt-hour at 11 a.m. New York City power gained $7.72, or 28 percent, to average $35.58.
New York on-peak power traded $17.69 below Boston, compared with a discount of $1.75 yesterday and a three-month average discount of $1.70.
Spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, rose $9.06, or 32 percent, to average $37.74 a megawatt-hour at 11 a.m. Power at the Eastern hub, which includes New Jersey, jumped $13.83, or 75 percent, to average $32.34, the grid data show.
PJM West on-peak power traded $5.86 above the Eastern hub, compared with a premium of $5.96 yesterday and a three-month average discount of $5.78.