New York Wholesale Power Slips as Mild Weather Cuts Use

Spot wholesale electricity in New York City slid as milder weather cut power demand.

Usage in New York fell 3.4 percent to average 5,989 megawatts for the hour ended at 10 a.m. from the same time yesterday, according to grid data.

The temperature today in New York may reach 64 degrees Fahrenheit (18 Celsius), 2 below normal and down 4 degrees from yesterday’s high, according to AccuWeather Inc. in State College, Pennsylvania.

New York spot power declined $22.24, or 47 percent, to $25.42 a megawatt-hour at 10 a.m. from the same time yesterday, grid data compiled by Bloomberg show.

Boston power gained $3.08, or 11 percent, to average $31.58. New York on-peak power traded $9.09 below Boston, compared with a discount of $4.94 yesterday and a three-month average discount of $1.61 for New York.

At PJM Interconnection LLC’s benchmark Western hub, which includes Washington, spot power declined $5.43, or 14 percent, to average $33.74 a megawatt-hour. Power at the Eastern hub, which includes New Jersey, dropped $8.10, or 29 percent, to average $19.60.

PJM West on-peak power traded $5.67 above the Eastern hub, compared with a premium of $10.56 yesterday and a three-month average discount of 6 cents for PJM West.

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