Spot wholesale power in Texas jumped as demand exceeded expectations on the grid that serves most of the state.
Electricity use on the Electric Reliability Council of Texas Inc. network averaged 33,995 megawatts during the hour ended at 3 p.m. local time versus the day-ahead forecast of 32,816 megawatts, according to the grid’s website.
The high temperature today in Houston may reach 70 degrees Fahrenheit (21 Celsius), 2 above average, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power at the North hub, which includes Dallas, and at the Houston hub rose $17.50, or 68 percent, to average $43.30 a megawatt-hour for the hour ended at 3 p.m. local time from the same time Feb. 21, grid data compiled by Bloomberg show.
At PJM Interconnection LLC’s benchmark Western hub, which includes deliveries to Washington, spot power advanced $6.45, or 17 percent, to average $44.05 in the hour ended at 4 p.m. New York time. Prices at the Eastern hub, which includes New Jersey, jumped $7.47, or 20 percent, to average $45.29.
New York City spot power gained $83.51, or 82 percent, to average $185.16 a megawatt hour at 4 p.m. while Boston power slid $14.67, or 8.5 percent, to average $158.41.