New England Power Falls With Nuclear Output at Seasonal High

Aug 12, 2014 3:34 pm ET

Aug. 12 (Bloomberg) -- Spot wholesale electricity for New England dropped for the fourth time in five days as nuclear generation in the U.S. East rose to an all-time seasonal high.

Output from the 26 reactors located from Maryland to Vermont increased 0.3 percent to 25,208 megawatts, the most for this time of the year since at least 1996, according to U.S. Nuclear Regulatory Commission compiled by Bloomberg. Generation was at 99.5 percent of capacity.

Power demand on the six-state New England grid slipped below forecasts at about 11 a.m. and has been coming in lower since then, according to ISO New England Inc.’s website. The high temperature in Boston today may be 82 degrees Fahrenheit (28 Celsius), 2 above normal, according to AccuWeather Inc. in State College, Pennsylvania.

Spot electricity for the hub serving Boston and Northeast Massachusetts dropped $5.48, or 18 percent, to $25.19 a megawatt-hour in the hour ended at 2 p.m. from the same time yesterday, grid data show. Average on-peak prices are down 1 percent at $29.87.

Natural gas for next day delivery at the Algonquin City Gates, including Boston, slid 11 percent to $2.6675 per million British thermal units on the Intercontinental Exchange. Gas, a fuel that helps set the price of electricity, accounted for 53 percent of New England’s generation as of 2:42 p.m., according to the grid operator.