NE spot power advances as cool weather stokes demand
New England spot wholesale electricity prices advanced as cooler weather stoked heating demand and Entergy Corp. shut a nuclear reactor.
Entergy shut its Pilgrim nuclear plant near Plymouth, Massachusetts, with nameplate capacity of 670 megawatts, for planned refueling. New England consumers were using 14,879 megawatts at 4:30 p.m., 3.8 percent more than the grid operator forecast for the time.
Sunny and springlike weather last week gave way to lower temperatures and scattered showers Monday, said WSI Corp. in Andover, Massachusetts. The high in Boston was forecast to be 51 degrees Fahrenheit, 6 below normal, AccuWeather Inc.’s website showed.
Spot power at the hub serving Boston and Northeast Massachusetts more than doubled, rising $22.46 to $41.69 a megawatt-hour in the hour ended at 4 p.m. from the same time on April 17, according to grid data compiled by Bloomberg.