Electricity Prices on PJM Hub Slump as Demand Trails Forecast
Spot wholesale electricity on the Mid-Atlantic grid slumped as demand slipped below forecasts.
Consumption was 114,624 megawatts at 11:15 a.m., below the 115,967 megawatts estimated for the hour, PJM said on its website.
Spot on-peak power at PJM’s benchmark Western hub, which includes deliveries to Washington, fell 3.1 percent to $57.12 a megawatt-hour for the hour ended 11 p.m., from the same time Aug. 9, grid data compiled by Bloomberg show.
Prices in New York tumbled 19 percent to $42.15 a megawatt-hour while Boston power dropped 2.7 percent to $43.67. The high in New York will reach 83 degrees, normal for this time of year and 2 degrees lower than on Aug. 9, according to AccuWeather.
Spot power at the northern hub of the Electric Reliability Council of Texas Inc. increased 17 percent to $31.23 a megawatt-hour, the data show.
To contact the reporter on this story: Mario Parker at email@example.com
To contact the editor responsible for this story: Dan Stets at firstname.lastname@example.org