Wholesale electricity prices along the East Coast declined for the fourth time in five days as Tropical Storm Andrea ushered in milder weather.
Andrea, with wind speed of 45 miles (72 kilometers) per hour, was moving through the Carolinas and expected to produce 2-to-4 inches of rain along the Eastern Seaboard through tomorrow, the National Weather Service said. Grid operators for New England, New York and the mid-Atlantic states expect regional demand to drop today.
“You’ve got very cool temperature conditions and Andrea is contributing to that,” said Stephen Schork, president of Schork. “That is going to weigh on power prices.”
Spot power at PJM Interconnection LLC’s benchmark Western Hub, which includes prices from Washington to Erie, Pennsylvania, fell $6.28, or 14 percent, to $37.54 a megawatt-hour for the hour ended at 11 a.m. from the same time yesterday, data compiled by Bloomberg show. The on-peak average was down 3.4 percent at $35.18 from yesterday’s full-day average. On-Peak hours are from 7 a.m. until 11 p.m.
New York City spot prices dropped 16 cents to $47.43 a megawatt-hour for the hour ended at 11 a.m. while Boston slipped 66 cents, or 2 percent, to $33.13.
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