Spot wholesale electricity prices on PJM Interconnection LLC’s network fell as higher temperatures following days of frigid weather reduced demand on the largest U.S. power grid.
Consumption on the PJM network, which stretches from Washington to Chicago, slid 4.5 percent to average 124,802 megawatts for the hour ended at 11 a.m. from the same time yesterday, grid data compiled by Bloomberg showed.
The high temperature today in Washington may reach 31 degrees Fahrenheit (minus 1 Celsius), 5 above yesterday’s high, according to AccuWeather Inc. in State College, Pennsylvania.
Spot prices at PJM’s benchmark Western hub, which includes deliveries to Washington, declined $123.98, or 55 percent, to average $100.93 a megawatt-hour for the hour ended at 11 a.m. from the same time yesterday, the grid data showed. Prices at the Eastern hub, which includes New Jersey, fell $140.58, or 56 percent, to average $111.13 a megawatt-hour.
PJM West on-peak power traded $40.39 below the Eastern hub, compared with a discount of $40.76 yesterday and a three-month average discount of $11.22 for PJM West.
New York City prices reversed earlier declines and rose $176.38, or 71 percent, to average $426.49 a megawatt-hour at 11 a.m., while Boston prices fell $39.54, or 15 percent, to average $223.38 a megawatt-hour.
New York on-peak power traded $3.82 below Boston, compared with a premium of $63.81 yesterday and a three-month average discount of $12.49 for New York.
In Texas, prices at the North hub, which includes Dallas, declined $7.13, or 15 percent, to average $39.37 a megawatt-hour for the hour ended at 10 a.m. local time from the same time yesterday, while Houston hub prices slid $6.81, or 15 percent, to average $39.36 a megawatt-hour.
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