Northeast Wholesale Power Advances as Spring Chill Boosts Demand

Wholesale power rose in New England as colder-than-normal weather sweeping the region stoked heating demand.

The low temperature in Boston Thursday was forecast to be 37 degrees Fahrenheit (3 Celsius), 6 below normal, according to AccuWeather Inc. of State College, Pennsylvania.

Demand on ISO New England Inc.’s six-state grid climbed 2.2 percent at 3 p.m. Thursday from the same time a day earlier, data from the system operator showed.

Spot wholesale power at the benchmark hub for Boston and Northeast Massachusetts gained $2.69, or 9.5 percent, to average $30.94 a megawatt-hour during the hour ended at 3 p.m. from the same time a day earlier, grid data compiled by Bloomberg show.

Spot natural gas at the Algonquin City Gates, which includes Boston, rose 23.44 cents to $3.7983 per million British thermal units on the Intercontinental Exchange, the highest since April 9. Gas accounted for 44 percent of ISO New England’s generation last year.

Power in New York gained $5.22, or 18 percent, to average $34.31 a megawatt-hour.

Average on-peak power in Boston traded 43 cents more than New York, flipping from a $5.04-discount Wednesday and compared with a three-month average premium for Boston of $6.05 a megawatt-hour.

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