East Coast Wholesale Power Drops as Moderating Heat Cuts Demand

Wholesale power from Boston to Washington fell amid seasonable temperatures that saw electricity demand fall from a day earlier.

The high temperature in Washington was forecast to be 85 degrees Fahrenheit (29 Celsius), 1 below normal, while New York’s maximum may be 86 degrees, 4 more than usual, according to AccuWeather Inc. of State College, Pennsylvania.

Power usage in the mid-Atlantic grid dipped 7.9 percent at 2 p.m. from a day earlier, data from PJM Interconnection LLC, which manages the system, showed. Electricity consumption in Manhattan and its four neighboring boroughs trailed behind projections, slipping 1.3 percent from Wednesday.

Spot wholesale power for PJM’s benchmark Western hub, which includes deliveries to Washington, dropped $35.27 a megawatt-hour, or 46 percent, to average $41.23 during the hour ended at 2 p.m. on Thursday from the same time a day earlier, grid data compiled by Bloomberg showed.

Power in the New York market retreated $39.61, or 45 percent, to average $48.50.