Wholesale power in the mid-Atlantic market gained as consumption exceeded projections as warm weather swept the region.
The high temperature Thursday in Washington was forecast to be 73 degrees Fahrenheit (23 Celsius), 11 above normal, according to AccuWeather Inc. in State College, Pennsylvania.
The higher-than-normal temperatures saw electricity consumption on the 13-state grid climb to 84,069 megawatts at 4 p.m., versus the day-ahead forecast for 81,676 megawatts at 3:30 p.m., according to grid manager PJM Interconnection LLC.
Spot wholesale power for PJM’s benchmark Western hub, which includes deliveries to Washington, advanced $4.64, or 19 percent, to average $29.43 a megawatt-hour in the hour ended at 4 p.m. from a day earlier, grid data compiled by Bloomberg showed.
Power in PJM’s Eastern hub, which includes New Jersey, eastern Pennsylvania, Maryland and Virginia, fell 40 cents, or 2 percent, to average $20.34.
Average on-peak power in the West traded $14.05 more than the East hub, widening from $5.64 Wednesday, and compared with a three-month average discount for the West of $9.72.