Wholesale electricity prices from New York to Washington declined as milder weather curtailed demand.
The mid-Atlantic states and the Northeast may have heavy rain today and tomorrow, moderating the heat seen yesterday, according to WSI Corp. in Andover, Massachusetts. Electricity consumption slumped as the storm moved across the regions, data from the grid operators show.
Spot power at PJM Interconnection LLC’s Eastern Hub, which includes prices from New Jersey to Virginia, dropped for the first time in four days, grid data compiled by Bloomberg. Prices in the hour ended at 1 p.m. fell $36.03, or 46 percent, to average $42.37 a megawatt-hour from the same time yesterday, below the day-ahead price set for that hour at $68.19.
The Eastern hub’s on-peak average, which covers weekday hours from 7 a.m. until 11 p.m., slid 55 percent to $37.46.
New York City electricity slid $23.80, or 40 percent, to $35.06 a megawatt-hour from noon to 1 p.m. versus the day-ahead price of $51.84. The on-peak average fell for the first time in three days, dropping 19 percent at $35.60.
The high temperature in Manhattan today will be 70 degrees Fahrenheit (21 Celsius), 9 lower than the usual reading, according to AccuWeather Inc. in State College, Pennsylvania. Philadelphia may be 4 below normal at 78 degrees and Washington’s high may be 86 degrees, 2 less than the norm.
Power consumption across the PJM grid, which stretches from New Jersey into North Carolina and Illinois, was 108,393 megawatts at 1:25 p.m., 0.7 percent below the day-ahead outlook of 109,141 megawatts. Demand was coming in 2 percent above the forecast at 8:30 a.m. before heavy rain moved into the region.
PJM reduced its peak-demand outlook for today to 112,502 megawatts for the hour ended at 5 p.m. from 116,032 megawatts earlier. Yesterday, demand peaked at 125,421 megawatts at 4:55 p.m.
Spot prices were higher in New England, the Midwest and Texas.
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