July 3 (Bloomberg) -- Spot wholesale electricity declined on the eastern U.S. grids from New York to Washington and Chicago as easing heat limited demand for air-conditioning.
New York City on-peak prices fell from a 14-week high as demand fell below forecasts. Temperatures along the East Coast will lower than yesterday as a cooling trend emerges for the next couple of days, according to WSI Corp. in Andover, Massachusetts.
Spot power for New York City dropped $137.83, or 74 percent, to $48.60 a megawatt-hour in the hour ended at 4 p.m. from the same time yesterday, according to grid data compiled by Bloomberg. On-peak prices were down 34 percent to $53.23 after yesterday averaging $80.35, which was the most since March 26.
Electricity use in New York was 9,792 megawatts at 3:25 p.m., 4.6 percent lower than the day-ahead outlook for the hour, according to the state grid operator’s website.
Prices on the 13-state PJM Interconnection LLC network, from Washington to Chicago, declined as demand started to drop faster than forecast. Power use was 121,648 megawatts at 4:30 p.m., 2.3 percent higher than the day-ahead outlook. Demand topped forecasts by more than 4 percent earlier.
PJM’s benchmark Western grid, which includes Washington, fell $20.22, or 30 percent, to $48.14 during the hour ended at 3 p.m. from a day earlier. On-peak prices fell 5.5 percent to $62.06, the first decline in three days.
New England prices reversed earlier declines as electricity demand jumped above forecasts after matching them most of the day.
The hub for Boston and Northeast Massachusetts advanced $68, or 76 percent, to $157.70. The on-peak average rose 18 percent to $76.50, the most since June 25.