Spot on-peak wholesale electricity in New York is heading toward the lowest level in more than seven months as unusually mild weather crimps demand.
Prices fell as above-normal temperatures earlier in the week gave way to cooler weather. WSI Corp. in Andover, Massachusetts, predicted below-normal readings this weekend with some showers.
New York City electricity fell $4.35, or 12 percent, to average $32.45 a megawatt-hour from 11 a.m. to noon from the same time yesterday. The on-peak average, down for a second day, dropped 14 percent to $29.55 from yesterday’s full-day average, heading for the lowest level since Oct. 29. On-peak hours run from 7 a.m. until 11 p.m. Monday through Friday.
Power consumption in New York City will climb to 6,737 megawatts from 1 p.m. to 2 p.m. today, 5.2 percent lower than yesterday’s peak of 7,108 megawatts for the hour ended at noon, according to data from the New York Independent System Operator Inc., the state grid manager.
Power at PJM Interconnection LLC’s Western Hub, which includes prices from Washington to Erie, Pennsylvania, fell $4.46, or 12 percent, to $31.88 for the hour ended at noon. The on-peak average was down 11 percent at $30.44, heading for the lowest level since March 29.
PJM reduced its forecast for peak-power demand today to 98,739 megawatts for the hour ended at 5 p.m. from a projection yesterday of 99,962 megawatts. Electricity use yesterday peaked at 110,095 megawatts for the hour ended at 3 p.m.
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