Aug. 15 (Bloomberg) -- Spot wholesale electricity for New York City rose from the lowest level in two weeks as demand exceeded expectations.
Consumers in Manhattan and its four neighboring boroughs were using 7,433 megawatts at 4:20 p.m., topping the day-ahead outlook for the hour by 1 percent, according to the New York Independent System Operator Inc.
Spot electricity for New York City rose $7:51, or 30 percent, to $33.10 a megawatt-hour during the hour ended at 4 p.m. from the same time yesterday, grid data compiled by Bloomberg showed.
The on-peak average was up 16 percent at $31.68 a megawatt- hour. On-peak hours run from 7 a.m. until 11 p.m.
Boston also gained as demand topped forecasts, rising $1.52, or 5.8 percent, to $27.61 a megawatt-hour.
The New York spot prices flipped to a premium of $4.75 versus the Boston on-peak average after trading at a discount of 53 cents yesterday.
Temperatures have been below normal from the Northeast through the Midwest this week, according to MDA Weather Services in Gaithersburg, Maryland. The high in Manhattan today reached 77 degrees Fahrenheit (25 Celsius), 6 below normal, while Washington reached 79 degrees, 8 lower than the average high, said AccuWeather Inc. in State College, Pennsylvania.
Power hovered near a seven-month low on the 13-state PJM Interconnection LLC network, which stretches from the mid- Atlantic states into the Ohio Valley. The grid operator cut its peak-demand outlook for today to 99,196 megawatts from the day- ahead forecast of 103,448 megawatts, according to its website.
PJM’s benchmark Western hub, which includes deliveries to Washington, rose 11 cents, or 0.4 percent, to $29.68 a megawatt- hour during the hour ended at 4 p.m. The on-peak average so far today is down 3.5 percent today at $27.95 from yesterday’s full- day average of $28.97, which was the lowest price since Jan. 29.
Power slumped across most of the Texas grid as unusually hot weather faded. The high in Dallas today will be 7 below normal at 90 degrees, AccuWeather said.
Price at the Electricity Reliability Council of Texas Inc.’s North hub, which includes the Dallas-Fort Worth metropolitan area, fell $7.58, or 18 percent, to $34.50 a megawatt-hour during the hour ended at 3 p.m. local time.
California spot electricity increased as demand jumped above forecasts.
The SP15 hub, which includes Los Angeles and San Diego, rose $5.35, or 15 percent, to $42 a megawatt-hour during the hour ended at 1 p.m. local time, trading at a premium to the northern hub for the first time in three days.
On-peak power at SP15 was valued at $1.23 more than the NP15 hub, which includes San Francisco, versus a discount of 16 cents yesterday.
--Editors: Bill Banker, Charlotte Porter