Northeast Spot Power Advances as Colder Weather Drives DemandJonathan N. Crawford
Average on-peak power rose in Boston, heading for a five-week high, as below-normal temperatures stoked demand for heating.
Consumption in the New England market was projected to peak at 18,460 megawatts today, topping yesterday’s high by 1.5 percent, according to ISO New England Inc., which manages the system.
Electricity use on the six-state market surpassed yesterday’s demand for the hour ended at 3 p.m. by 476 megawatts, or 3.1 percent, to average 15,767 megawatts, data from the grid manager showed.
The temperature in Boston fell to 24 degrees Fahrenheit (minus 4 Celsius), 13 below normal, according to AccuWeather Inc. of State College, Pennsylvania.
Spot wholesale power at the hub for Boston and Northeast Massachusetts jumped $11.20, or 24 percent, from the same time yesterday to average $58.19 a megawatt-hour during the hour ended at 3 p.m. New York time from the same time yesterday, grid data compiled by Bloomberg showed.
On-peak power in Boston so far today has averaged $77.50, heading for the highest full-day average since Oct. 15.
Power in New York reversed directions, falling as demand hovered near day-ahead projections, according to the New York Independent System Operator Inc.
Power in the New York market fell $30.11, or 42 percent, to average $42.43.
On-peak power in Boston traded $28.71 above New York, widening from a premium of $14.43 yesterday, and compared with a three-month average premium of $3.28.
Electricity output in the U.S. for the week ended Nov. 14 climbed 2,361 gigawatt-hours, or 3.3 percent, from a year earlier to average 74,460 gigawatt-hours, according to the Edison Electric Institute.