Power Prices Slump From Maine to Virginia Amid Mild Weather
Spot wholesale electricity dropped on the grids stretching from Maine to Virginia and Chicago as mild weather limited demand.
Power consumption for New York City and New England came in below the grid operators’ day-ahead forecasts. PJM Interconnection LLC increased supplies for today while demand was up 0.3 percent at 3:30 p.m. from the same time yesterday, according to its website.
The high temperature in Midtown Manhattan today may be 67 degrees Fahrenheit (19 Celsius), 3 above normal, and Washington may be 5 higher than average at 73 degrees, AccuWeather Inc. said on its website. Boston will be 1 above normal at 62.
Spot prices for New York City slid $12.28, or 30 percent, to $28.76 a megawatt-hour during the hour ended at 3 p.m. from the same time yesterday, grid data compiled by Bloomberg showed.
Boston and the broader Massachusetts hub dropped $32.60, or 52 percent, to $29.81. On-peak power at Boston traded at a premium of $5.26 to New York, little changed from yesterday’s average of $5.34.
Electricity at PJM’s benchmark Western hub, which includes deliveries to Washington, was down 71 cents, or 2.1 percent, at $33.10 a megawatt-hour. The Eastern hub was little changed, down 1 cent at $33.30.
On-peak prices at the Eastern hub, including New Jersey, Maryland, eastern Pennsylvania and Virginia, traded at a 17-cent premium to the western part of the grid versus a discount of 33 cents yesterday.
Demand on the 13-state PJM network, from the mid-Atlantic states to the Ohio Valley, was 88,017 megawatts at 3:30 p.m., 1.5 percent higher than the day-ahead outlook. Power consumption was 87,768 megawatts at the same time yesterday.
The Valley Forge, Pennsylvania-based operator increased total scheduled electric supplies to 123,076 megawatts for today from 122,763 megawatts yesterday, according to a daily report.
Texas power prices gained as demand matched day-ahead forecasts after coming in below expectations in the late morning hours, Electric Reliability Council of Texas Inc. data show.
Ercot’s North hub, serving Dallas, rose $12.71, or 56 percent, to $35.48 a megawatt-hour during the hour ended at 2 p.m. local time from the same time yesterday.
California prices increased as demand jumped 2.8 percent in the hour ended at noon local from a day earlier. The NP15 hub, including San Francisco, increased $5.49, or 17 percent, to $37.02 a megawatt-hour during that hour while southern California’s SP15 hub rose $3.28, or 10 percent, to $35.67.
On-peak power for NP15 flipped to a premium of 72 cents versus the SP15 hub compared with a 70-cent discount yesterday.
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