March 11 (Bloomberg) -- Spot wholesale electricity prices slid across much of 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 3 percent to average 86,659 megawatts for the hour ended at 4 p.m. from the same time yesterday, according to grid data compiled by Bloomberg.
The high temperature today in Washington may be 71 degrees Fahrenheit (22 Celsius), 17 above normal, while Boston reached 13 above at 57, said 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 48 cents, or 1.3 percent, to average $36.38 a megawatt-hour for the hour ended at 4 p.m. East Coast time from the same period yesterday, the grid data show. Prices at the Eastern hub, which includes New Jersey, slid $1.33, or 3.3 percent, to average $38.28.
PJM West on-peak power traded $3.30 below the Eastern hub, compared with a discount of $10.22 yesterday and a three-month average discount of $16.50 for PJM West.
New York City spot power reversed earlier declines and rose $13.15, or 31 percent, to average $55.54 a megawatt-hour at 4 p.m., while Boston prices fell $85.93, or 71 percent, to average $34.54.
New York on-peak power traded $4.67 above Boston, compared with a discount of $60.68 yesterday and a three-month average discount of $23.47 for New York.
In Texas, spot power at the North hub, which includes Dallas, slid $6.36, or 20 percent, to average $26.24 a megawatt-hour for the hour ended at 3 p.m. local time from the same period yesterday. Houston hub prices declined $6.35, or 20 percent, to average $26.25.
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