Power Prices Rise From Washington to Chicago as Demand Gains
Spot wholesale electricity prices rose from Washington to Chicago as demand gained for the first time in three days.
Prices reversed earlier losses on the 13-state PJM Interconnection LLC network as consumption increased for the first time in three days. Demand averaged 107,277 megawatts during the hour ended at 2 p.m., up 7.8 percent from the same time on Aug. 16, PJM data show.
Temperatures in the Northeast and parts of the mid-Atlantic and Midwestern states will be more seasonal this week following cooler readings last week, according to Commodity Weather Group LLC in Bethesda, Maryland.
Spot on-peak power for PJM’s benchmark Western hub, which includes deliveries to Washington, rose $5.42, or 17 percent, to $37.07 a megawatt-hour as of 2 p.m. from the same time on Aug. 16, grid data compiled by Bloomberg showed. On-peak hours are Monday through Friday from 7 a.m. until 11 p.m.
The high in Chicago today may be 83 degrees Fahrenheit (28 Celsius), 1 above normal, and Newark, New Jersey, will be 1 lower than the average at 83 degrees, according to AccuWeather Inc. in State College, Pennsylvania.
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