On-peak power in Texas slid to the lowest level in almost two weeks as wind production exceeded expectations and demand was below forecast.
Use on the Electric Reliability Council of Texas Inc. network averaged 36,034 megawatts for the hour ended at 1 p.m. local time, versus the day-ahead forecast of 37,132 megawatts, according to the grid’s website. Wind generation averaged 4,647 megawatts at noon, above the day-ahead forecast of 3,216.
The high temperature today in Dallas may reach 77 degrees Fahrenheit (25 Celsius), unchanged from the historical average, according to AccuWeather Inc. in State College, Pennsylvania.
On-peak power at the Texas North hub, which includes Dallas, was down $5.91, or 23 percent, to $19.72 at 10 a.m. local time, heading toward the lowest full-day average since April 3, according to grid data compiled by Bloomberg.
Spot power at the North hub and at the Houston hub declined $3.99, or 17 percent, to average $20.17 a megawatt-hour at noon from the same hour Tuesday.
New York City spot power gained 17 cents to average $28.49 a megawatt-hour for the hour ended at 2 p.m. New York time, while Boston power slid $1.86 to average $21.11.
New York on-peak power traded $9.22 above Boston, compared with a premium of 20 cents on Tuesday and a three-month average discount of $7.26.
Natural gas for May delivery rose 8 cents, or 3.2 percent, to settle at $2.61 per million British thermal units on the New York Mercantile Exchange. About 30 percent of electricity in the U.S. is generated using gas.