March 28 (Bloomberg) -- Spot wholesale power at major hubs in the Northeast and mid-Atlantic states gained amid supply disruptions.
Prices on the 13-state grid operated by PJM Interconnection LLC, which extends from New Jersey into North Carolina and Illinois, gained after two coal-fired plants tripped offline in West Virginia and Ohio, according to Genscape Inc. Earlier, a slower ramp-up than anticipated at generating units in Massachusetts and Maine bolstered New England spot power, the Boston-based data provider said.
On-peak electricity at PJM’s benchmark Western Hub, which includes prices from Pennsylvania to Washington, rose $1.27 cents, or 3.4 percent, to average $38.88 a megawatt hour until 2 p.m. local time, from yesterday’s average of $37.60, the least since March 15.
New York City prices increased for the first time in four days, climbing 61.7 cents, or 1.7 percent, to $37.16 a megawatt-hour from 7 a.m. to 2 p.m. from a one-month low yesterday, according to the New York Independent System Operator Inc. Spot power on the six-state grid from Connecticut to Maine gained $4.81, or 11 percent, to $46.99 a megawatt-hour from yesterday’s on-peak average, ISO New England Inc. data showed.
Electricity usage across the three grids was within a two-to-three percent range around the most recent forecasts, data from the operators showed.
PJM prices got a boost after generation at the Longview plant in Monongalia, West Virginia and the Stuart Station in Aberdeen, Ohio, tripped offline, according to Genscape. Longview’s nameplate capacity is about 808 megawatts and each of the four Stuart units can produce 610 megawatts, data from the Energy Information Administration show.
Spot power gained at the four main Midwest hubs as wind generation fell below forecasts. Demand was running above expectations through the early hours of the morning but came in line with forecasts starting at 10 a.m., data from the Midwest Independent Transmission System Operator Inc. showed.
The Indiana hub, a benchmark for the Midwest, climbed $11.10, 36 percent, to $41.25 from yesterday’s on-peak average.
Wind turbines in the region were producing 1,218 megawatts of electricity dropped to 905 megawatts by 11 a.m., versus the forecast of 1,225 megawatts for that hour, according to MISO data show.
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