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Power Prices Drop From New York to Washington as Demand Slumps

Spot wholesale electricity prices slid from Washington Chicago as mild weather limited demand on the largest U.S. grid.

Power demand on the 13-state PJM Interconnection LLC network averaged 86,448 megawatts during the hour ended at noon, down 2.3 percent from the same time on Oct. 11.

The high temperature today in Washington may be 69 degrees Fahrenheit (21 Celsius) and Chicago may be 64 degrees, in line with the historic norm for both cities, according to AccuWeather Inc. in State College, Pennsylvania.

Spot prices at PJM’s benchmark Western hub, which includes deliveries from Washington to Erie, Pennsylvania, slid $6.60, or 17 percent, to average $32.22 a megawatt-hour during the hour ended at 12 p.m. from the same time on Oct. 11, grid data compiled by Bloomberg showed.

On-peak power at the Western hub flipped to a premium of $1.56 versus the eastern region compared with an 18-cent discount on Oct. 11. The Eastern hub, serving New Jersey, eastern Pennsylvania, Maryland and Virginia, dropped $8.21, or 21 percent, to $31.58.

To contact the reporter on this story: Naureen S. Malik in New York at nmalik28@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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