Eastern U.S. wholesale power prices gained as demand rebounded from a holiday lull.
Electricity consumption in New York City and across the 13-state network managed by PJM Interconnection LLC, stretching from Washington to Chicago, jumped to two-week highs. Prices and demand slumped on July 3 as many government and private business were shut for the U.S. Independence Day holiday the next day.
Spot power at PJM’s benchmark Western hub more than doubled, rising $33.26 to $58.87 a megawatt-hour in the hour ended at 3 p.m. Monday from the same time on July 3, according to grid data compiled by Bloomberg. Average spot on-peak prices were up 94 percent to $46.48 at 4:23 p.m.
New York City prices rose $4.33 to $26.21. Average spot on-peak prices doubled to $23.96.
The weather is seasonably hot and humid from the Northeast to the mid-Atlantic and states, according WSI Corp. Washington’s high reached 88 degrees Fahrenheit (31 Celsius), in line with the historical average, while Manhattan’s topped out at 83, 1 below normal, AccuWeather Inc. said on its website.
Peak demand hours are weekdays from 7 a.m. until 11 p.m., excluding holidays. The North American Electric Reliability Corp. did not designate July 3 as an off-peak holiday.