Power Rises From New Jersey to Virginia as Heat Lifts Demand
Spot wholesale electricity from New Jersey to Virginia gained for the fourth consecutive day as unusually warm weather lifted demand.
Power use on the 13-state PJM Interconnection LLC network, the largest in the U.S., was 103,364 megawatts at 9:30 a.m., up 4.7 percent from the same time yesterday, according to the company’s website. The grid operator expects demand to peak at a one-month high today.
Spot power for PJM’s benchmark Western hub, which includes deliveries to Washington, rose $6.53, or 24 percent, to $34.03 a megawatt-hour during the hour ended at 9 a.m. from the same time yesterday, grid data compiled by Bloomberg showed.
Demand on the PJM network may peak at 133,183 megawatts today, the most since July 23, grid data show.
Temperatures will be above normal from New England through the mid-Atlantic states and into the Midwest, according to WSI Corp. in Andover, Massachusetts.
The high in Philadelphia today may reach 90 degrees Fahrenheit (32 Celsius), 5 above normal, and Chicago’s reading may be 4 higher than the average at 86 degrees, according to AccuWeather Inc. in State College, Pennsylvania. Boston’s high may be 10 degrees above normal at 89.
Spot prices in Boston gained $5.49, or 19 percent, to $33.90 a megawatt-hour at 9 a.m. from a day earlier. New York City was little changed, down 93 cents at $33.98.
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