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.
Prices also slid from the Northeast to Texas, and from California to the Midwest.
Consumption on the PJM network, which stretches from Washington to Chicago, dropped 6 percent to average 112,202 megawatts for the hour ended at 3 p.m. from the same time yesterday, grid data compiled by Bloomberg showed.
The temperature in Washington reached 33 degrees Fahrenheit (1 Celsius), 7 above yesterday’s high, at 3 p.m., according to AccuWeather Inc. in State College, Pennsylvania.
Spot prices at PJM’s benchmark Western hub, which includes deliveries to Washington, fell $102.79, or 70 percent, to average $43.77 a megawatt-hour for the hour ended at 3 p.m. from the same time yesterday, the grid data showed. Prices at the Eastern hub, which includes New Jersey, slid $107.34, or 67 percent, to average $52.51 a megawatt-hour.
PJM West on-peak power traded $26.36 below the Eastern hub, compared with a discount of $40.76 yesterday and a three-month average discount of $11 for PJM West.
New York City prices declined $173.72, or 50 percent, to average $174.72 a megawatt-hour at 3 p.m., while Boston prices fell $56.39, or 26 percent, to average $161.98 a megawatt-hour.
New York on-peak power traded $16.21 below Boston, compared with a premium of $63.81 yesterday and a three-month average discount of $12.68 for New York.
In Texas, prices at the North hub, which includes Dallas, and at the Houston hub declined $6.55, or 19 percent, to average $28.85 a megawatt-hour for the hour ended at 2 p.m. local time from the same time yesterday, the grid data show.
Northern California spot prices fell $6.84, or 15 percent, to average $39.03 a megawatt-hour at noon local time, while Southern California prices slid $5.99, or 13 percent, to average $39.22.
Prices at the Indiana hub, a regional benchmark for the Midwest, declined $1.68, or 5.5 percent, to average $28.88 a megawatt-hour for the hour ended at 2 p.m. local time from the same time yesterday.