Northeast Wholesale Power Drops as Demand on Grid Falls

Power in the Boston and New York markets headed for a second day of losses amid a drop in demand.

Consumption in the six-state grid managed by ISO New England Inc. fell 1,082 megawatts, or 6.2 percent, to average 16,448 megawatts at 4 p.m. from the day-earlier period. Demand on the system is projected to peak at 18,360 megawatts today, which would be 558 megawatts off of yesterday’s maximum usage, data on the system operator’s website showed.

In Manhattan and its four neighboring boroughs electricity usage slipped 158 megawatts, or 2.3 percent, to average 6,771 megawatts at 4 p.m. local time. Peak daily usage on the system was projected to reach 6,939 megawatts today, versus yesterday’s maximum of 7,148 megawatts.

Spot wholesale power at the hub for Boston and Northeast Massachusetts slipped $9.63, or 19 percent, to average $40.30 a megawatt-hour during the hour ended at 4 p.m. from the same time yesterday, grid data compiled by Bloomberg show.

New York City power fell $12.58, or 34 percent, to average $24.30 a megawatt-hour. On-peak power slipped to $33.10, heading toward the lowest full-day average since Nov. 4.

Average on-peak power in Manhattan traded $9.47 less than Boston, narrowing from a $12.54 discount yesterday, and compared with a three-month average discount for New York of $4.97 a megawatt-hour.

U.S. nuclear-power generation rose to 96,015 megawatts, or 98 percent of capacity, the most since September, according to Nuclear Regulatory Commission data compiled by Bloomberg. The Northeast region operated at 99 percent of capacity.

Electricity output in the U.S. for the week ended December 5 fell 2.1 percent from a year earlier to average 75,017 gigawatt-hours, the least for the time of year since 2012, an Edison Electric Institute report today showed.

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