Wholesale Spot Power in New York Retreats With Warmer Weather

Wholesale power in New York declined as a turn to warmer weather sent demand for electricity lower.

Electricity consumption in Manhattan and its four neighboring boroughs slipped 2.1 percent at 1 p.m. from a day earlier, according to the grid manager. Temperatures in the city were expected to reach a high of 52 degrees Fahrenheit (11 Celsius), 4 more than typical, according to AccuWeather Inc. of State College, Pennsylvania.

Spot wholesale power in New York dropped $6.65, or 16 percent, to average $35.01 a megawatt-hour during the hour ended at 1 p.m. Tuesday from the same time a day earlier, grid data compiled by Bloomberg showed.

Power in ISO New England Inc.’s benchmark hub for Boston and Northeast Massachusetts gained, reversing earlier declines. Electricity in the hub rose $6.59, or 32 percent, to average $26.99 a megawatt-hour.

Average on-peak power in New York traded $8.16 below Boston, widening from an 81 cent discount a day earlier, and compared with a three month-average discount for New York of $7.49 a megawatt-hour.

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