Northeast Power Prices Dip as Demand Slides, Plant Boosts Output

Updated on
  • Electricity demand drops in both Boston and New York City
  • Entergy boosts power output at its Pilgrim nuclear plant

Wholesale electricity prices from Boston to New York slid as demand declined and a nuclear power plant boosted production.

Electricity consumption in ISO New England Inc.’s six-state grid tumbled 5.8 percent at 3 p.m. Wednesday from the same time a day earlier, the network manager said. Demand in Manhattan and its four neighboring boroughs retreated 13 percent, according to the New York Independent System Operator Inc.

Entergy Corp.’s 670-megawatt Pilgrim power plant outside of Plymouth, Massachusetts, raised output to 82 percent of capacity from 1 percent a day earlier, according to the U.S. Nuclear Regulatory Commission.

Most of New England can expect a mix of sun and clouds along with seasonable temperatures and decreasing humidity, according to WSI Corp. in Andover, Massachusetts. The high in Boston Wednesday was forecast to be 82 degrees Fahrenheit (28 Celsius) after reaching 81 on Tuesday, according to AccuWeather Inc.

Spot wholesale power for the hub for Boston and Northeast Massachusetts slipped $34.32, or 53 percent, to average $29.94 a megawatt-hour during the hour ended at 3 p.m. Wednesday from a day earlier, grid data compiled by Bloomberg show.

Power in the New York market fell $58.51, or 67 percent, to average $28.85.

Average on-peak power in New York traded 59 cents less than Boston, narrowing from a $13.03-discount Tuesday, and compared with a three-month average premium for New York of 82 cents a megawatt-hour.

For Related News and Information:
Top Power Stories: PTOP
North America power markets: ISO
U.S. nuclear-plant operations: NRCR
Power failures and plant shutdowns: NI VOLTOUT
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Top Energy Stories: ETOP

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