By: Naureen S. Malik |
Spot wholesale electricity for New York City rose from the lowest level in two weeks demand exceeded expectations.
Prices reversed earlier losses as demand moved above forecasts. Consumers in Manhattan and its four neighboring boroughs were using 7,203 megawatts at 12:40 p.m., topping the day-ahead outlook for the hour by 2.4 percent, New York Independent System Operator Inc.’s data show.
Spot electricity for New York City rose $4.50, or 17 percent, to $30.46 a megawatt-hour during the hour ended at 1 p.m. from the same time yesterday, grid data compiled by Bloomberg showed.
The on-peak average was up 8.3 percent at $29.72 a megawatt-hour after dropping to $27.85 yesterday, the least since Aug. 2. On-peak hours are Monday through Friday from 7 a.m. until 11 p.m.
The New York spot prices flipped to a premium of $3.26 versus the Boston on-peak average after trading at a discount of 53 cents yesterday.
Boston also gained as demand topped forecasts, rising $1.24, or 4.8 percent, at $27.08 during the hour ended at 1 p.m. versus a day earlier.
Power prices extended losses on the 13-state PJM Interconnection LLC network, which stretches from the mid-Atlantic states into the Ohio Valley. The grid operator cut its peak-demand outlook for today to 100,202 megawatts from the day-ahead forecast of 103,448 megawatts, according to its website.
PJM’s benchmark Western hub, which includes deliveries to Washington, was little changed, sliding 23 cents, or 0.8 percent, to $29.49 a megawatt-hour during the hour ended at 1 p.m. The on-peak average is down 6.1% today at $27.21 from yesterday’s full-day average of $28.97, the lowest price since Jan. 29.
Power slumped across most of the Texas grid as the unusually hot weather faded. The high in Dallas today will be 6 below normal at 91 degrees, AccuWeather said.
Price at the Electricity Reliability Council of Texas Inc.’s North hub, which includes the Dallas-Fort Worth metropolitan area, fell $1.63, or 6 percent, to $25.47 a megawatt-hour during the hour ended at noon local time.