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Power Prices Climb From Mid-Atlantic to Midwest on Higher Demand

Spot wholesale electricity gained in the markets stretching from the mid-Atlantic region to the Midwest as demand surpassed forecasts.

Power use on the 13-state PJM Interconnection LLC network averaged 100,582 megawatts for the hour ended at 4 p.m., up 1 percent, or 1,023 megawatts, from the forecast average for the hour ending at 4:30 p.m., data from the grid manager showed.

The temperature in Washington was 80 degrees Fahrenheit (27 Celsius) at 4:30 p.m., the projected high for the day, according to AccuWeather Inc. of State College, Pennsylvania. Analysts typically use 65 degrees as a benchmark for weather that requires no heating or cooling.

PJM’s benchmark Western hub, which includes deliveries to Washington, gained $2.47, or 4.8 percent, to average $54.25 a megawatt-hour in the hour ended at 4 p.m. from the same time yesterday, grid data compiled by Bloomberg show.

PJM West on-peak power traded $1.60 below the Eastern hub, compared with a discount of 79 cents yesterday and a three-month average discount of $3.75.

The hub for New York City fell 37 cents, or 1 percent, to average $35.89.

Spot power across Texas dropped as wind output exceeded forecasts. For the total Electric Reliability Council of Texas Inc. market, power declined $2.11, or 4.8 percent, to average $41.61 a megawatt-hour for the hour ended at 3 p.m. local time.

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