Spot Power Slides From Washington to Chicago as Demand SlumpsNaureen S. Malik
Spot wholesale electricity from Washington to Chicago declined as demand slid below the grid operator’s forecast amid milder weather.
PJM Interconnection LLC cut its peak-demand outlook on the 13-state grid it manages by 4.5 percent to 123,954 megawatts for the hour ending at 5 p.m. from the day-ahead forecast of 129,741 megawatts.
The high temperature in Washington today reached 83 degrees (23 Celsius), 2 below normal, as heavy rain helped reduce the heat, data from AccuWeather Inc. in State College, Pennsylvania show. Forecasters including WSI Corp. in Andover, Massachusetts had forecast above-normal readings from the Northeast into the Midwest through the rest of this week.
Prices at PJM’s benchmark Western hub, which includes deliveries to Washington, dropped $36.69, or 50 percent, to $36.74 a megawatt-hour during the hour ended at 4 p.m. from the same time yesterday.
PPL Corp.’s Susquehanna 1 nuclear reactor near Allentown, Pennsylvania, is returning to full power after completing repairs, Joseph Scopelliti, a spokesman for the Company, said in an e-mail. Production was cut to 65 percent yesterday after the unit experienced the loss of one of three pumps that feed water to the reactor, he said.
The reactor has a summer capacity of 1,260 megawatts, Energy Information Administration data show.
Boston prices slumped along with demand, dropping $34.21, or 38 percent, to $54.87 a megawatt-hour during the hour ended at 4 p.m. New York power moved between gains and losses. Prices jumped $13.52, or 27 percent, $62.85 as of 4 p.m.
The on-peak premium for Boston electricity versus New York City, narrowed to $3.74 from $14.43 yesterday.
California spot power was little changed as imports from the Northwest increased, bolstering the state’s access to low-cost hydropower.
Available capacity on the 3,200-megawatt Pacific Intertie, or PACI, high-voltage lines increased to 88 percent during the hour ended at noon local time from 63 percent, data from the California Independent System Operator Inc. showed. The grid operator had said PACI capacity had been cut to less than a third on Aug. 24 as a precaution because of wildfires.
The price at the NP15 hub, which includes San Francisco, was up 57 cents, or 1.4 percent, to $41.78 a megawatt-hour during the hour ended at 1 p.m.