On-peak power in Texas rose to the highest level in six months amid a reduction in available generation and below-forecast wind output.
Demand on the Electric Reliability Council of Texas Inc. grid averaged 48,727 megawatts for the hour ended at 2 p.m. local time, above the day-ahead forecast of 47,735 megawatts, according to the grid’s website. Wind production averaged 1,715 megawatts at 1 p.m., below the forecast for 1,959 megawatts.
Some 13,666 megawatts of Ercot capacity was offline in the latest hour, representing more than 18 percent of generation available for the peak consumption periods.
The high temperature today in Dallas may reach 87 degrees Fahrenheit (31 Celsius), 2 above normal, according to AccuWeather Inc. in State College, Pennsylvania,
On-peak power at the Texas North hub, which includes Dallas, was up $67.32 to $89.18 a megawatt-hour at 2 p.m., heading toward the highest full-day average since Nov. 13, according to grid data compiled by Bloomberg.
Spot power at the North hub rose $230.82 to average $252.87 at 2 p.m. from the same hour May 15, while power at the Houston hub gained $225.13 to average $247.20.
Spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington rose $5.28, or 14 percent, to average $42.98 a megawatt-hour at 3 p.m. New York time. Power at the Eastern hub, which includes New Jersey, slid $12.96, or 22 percent, to average $45.83.
PJM West on-peak power traded $6.77 below the Eastern hub, compared with a discount of $16.25 on May 15 and a three-month average discount of $1.15.
Natural gas for June delivery slipped 0.6 cent to close at $3.01 per million British thermal units on the New York Mercantile Exchange. About 30 percent of U.S. electricity is generated using gas.