Spot wholesale electricity gained on East Coast hubs as higher temperatures lifted demand above forecasts.
The Northeast and mid-Atlantic states will see sunny skies with more seasonable weather today following cooler readings, according to WSI Corp. in Andover, Massachusetts. Power consumption was above forecasts in New York, New England and the grid operated by PJM Interconnection LLC, which stretches from New Jersey into North Carolina and Illinois.
“We saw very weak load for the first part of June with mild weather but now, with the heat that is coming in, the load is reacting as expected,” said Kate Trischitta, director of trading at Consolidated Edison Inc.’s wholesale energy trading division in New York. “Prices are going to be higher.”
New York City spot power climbed $10.30, or 30 percent, to $44.77 a megawatt-hour during the hour ended at 3 p.m. from the same time yesterday, according to grid data compiled by Bloomberg. Boston prices rose $9.35, or 30 percent, to $40.06.
Electricity at PJM’s benchmark Western hub, which includes prices from Washington to Erie, Pennsylvania, jumped $8.40, or 23 percent, to $45.40 a megawatt-hour during the same hour.
The high in New York City today will be 80 degrees Fahrenheit (27 Celsius), 1 below normal, after dropping to 3 below at 77 yesterday, according to AccuWeather Inc. in State College, Pennsylvania. The high in Washington will be 4 below normal at 82 degrees, after dipping to 78 yesterday.
Electricity demand in the U.S. peaks in the summer, when hot weather drives air-conditioner use.
Consumers in Manhattan and neighboring boroughs were using 7,760 megawatts of electricity at 1:45 p.m., 5.5 percent higher than the forecast for the hour, according to the New York Independent System Operator Inc.’s website. PJM said demand on its 13-state grid was 109,930 megawatts at 2:05 p.m., 2.5 percent higher than its day-ahead outlook.
Power demand on the six-state grid from Maine to Connecticut was 17,073 megawatts at 2:15 p.m. versus the forecast of 16,980 megawatts, ISO New England Inc.’s website showed.
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