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Power Prices Gain on Northeast Grids as Demand Tops Forecasts

By: Naureen S. Malik |

Spot wholesale electricity prices from Maine to Connecticut gained as demand topped forecasts on the two Northeast grids.

ISO New England Inc. said power consumption across its six-state network was 16,323 megawatts at 9:40 a.m., 2 percent higher than the outlook for the hour, according to its website. New York City’s electric use was 2.5 percent above the day-ahead forecast at 7,404 megawatts, data from the state grid operator showed.

The high temperature in Manhattan today may be 77 degrees Fahrenheit (25 Celsius), 2 below normal, while Boston’s reading may be 6 lower than average at 70 degrees, according to AccuWeather Inc. in State College, Pennsylvania.

Spot prices for Boston jumped $15.84, or 58 percent, to average $43.32 a megawatt-hour during the hour ended at 9 a.m. from the same time yesterday, grid data compiled by Bloomberg showed.

New York City prices were up $1.67, or 5.3 percent, at $33.01. On-peak power for the city flipped to a discount of $5.65 versus Boston from a premium of $17 yesterday.