Spot wholesale electricity prices in Texas fell as mild weather pushed demand below expectations.
Power use on the Electric Reliability Council of Texas Inc. network, grid operator for most of the state, averaged 34,462 megawatts for the hour ended at 9 a.m. local time, versus the day-ahead forecast of 34,622 megawatts, according to the grid’s website.
The high temperature today in Dallas may reach 70 degrees Fahrenheit (21 Celsius), 13 above the historical average, while the high in Houston may reach 75 degrees, 11 above normal, according to AccuWeather Inc. in State College, Pennsylvania.
Spot prices at the Texas North hub, which includes Dallas, slid 9.8 percent to average $24.36 a megawatt-hour for the hour ended at 9 a.m. from the previous day, grid data compiled by Bloomberg show. Houston hub prices fell 9.8 percent to $24.37.
New York City spot prices dropped 26 percent to average $39.70 a megawatt-hour for the hour ended at 10 a.m. New York time from the same time yesterday, while Boston prices declined 29 percent to average $130.38 a megawatt-hour, the grid data show.
New York on-peak power traded $238.79 below Boston, compared with a $106.42 discount yesterday and a three-month average discount of $13.59.
In the mid-Atlantic states, spot prices at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, fell 16 percent to average $35.08 a megawatt-hour at 10 a.m. from the same time yesterday. Prices at the Eastern hub, which includes New Jersey, slid 7.7 percent to average $52.53 a megawatt-hour.
PJM West on-peak power traded $19.87 below the Eastern hub, compared with a $16.74 discount yesterday and a three-month average discount of $4.51.
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