Spot wholesale electricity prices slid across the eastern half of the U.S. as milder weather cut power demand.
Power consumption on the 13-state PJM Interconnection LLC network, the largest U.S. grid, stretching from Washington to Chicago, fell 6.3 percent to average 93,065 megawatts for the hour ended at 11 a.m. from the same time yesterday, according to grid data compiled by Bloomberg.
The high temperature today in Washington may reach 73 degrees Fahrenheit (23 Celsius), 19 above normal, while in Boston it may be 10 above at 54 degrees, according to AccuWeather Inc. in State College, Pennsylvania. Houston might see 78 degrees, 7 more than the historical average.
Spot prices at PJM’s benchmark Western hub, which includes deliveries to Washington, dropped $1.96, or 4.1 percent, to average $46.33 a megawatt-hour for the hour ended at 11 a.m. East Coast time from the same period yesterday, the grid data show. Prices at the Eastern hub, which includes New Jersey, slid $2.13, or 4.1 percent, to average $49.63.
PJM West on-peak power traded $4.60 below the Eastern hub, compared with a discount of $10.22 yesterday and a three-month average discount of $16.52 for PJM West.
New York City spot power declined $35.20, or 36 percent, to average $62.30 a megawatt-hour at 11 a.m., while Boston prices fell $151.21, or 74 percent, to average $54.12.
New York on-peak power traded 31 cents below Boston, compared with a discount of $60.68 yesterday and a three-month average discount of $23.55 for New York.
In Texas, spot power at the North hub, which includes Dallas, slid $8.88, or 23 percent, to average $29.16 a megawatt-hour for the hour ended at 10 a.m. local time from the same period yesterday. Houston hub prices declined $8.89, or 23 percent, to average $29.14.
To contact the reporter on this story: Harry R. Weber in Houston at email@example.com