Power Rises From Boston to Los Angeles as Demand Tops OutlookNaureen S. Malik
Spot wholesale electricity gained from Boston to Los Angeles as demand met or topped forecasts.
Temperature are seasonal to lower than normal on the East and West Coasts while central U.S. cities are seeing unusually mild weather, according to AccuWeather Inc. in State College, Pennsylvania. The high in Boston was 66 degrees Fahrenheit (19 Celsius), 3 above normal while Chicago may reach 75 degrees, 10 higher than average.
Spot power in New York City climbed $12.28, or 35 percent, to average $46.94 a megawatt-hour during the hour ended at 3 p.m. from a day earlier, grid data compiled by Bloomberg showed. Boston rose $7.94, or 27 percent, to $37.01.
The premium for New York City on-peak power versus Boston narrowed to $2.14 from $7.76 yesterday.
Prices at PJM Interconnection LLC’s eastern hub, including New Jersey, eastern Pennsylvania, Maryland and Virginia, rose $1.26, or 4.2 percent, to $31.34 a megawatt-hour.
On-peak power for the eastern region traded at a premium of 18 cents to the western hub compared with a 31-cent discount yesterday. Prices at the western hub, stretching from Washington to Erie, Pennsylvania, reversed earlier gains, dropping $3.78, or 11 percent, to $30.76.
Demand topped forecasts across the 13-state PJM network, the largest in the U.S. Consumption was 88,393 megawatts at 2:30 p.m., 4.8 percent above the day-ahead outlook for the time, according to the Valley Forge, Pennsylvania-based operator’s website.
Houston spot prices gained $6.07, or 17 percent, to $42.67 a megawatt-hour during the hour ended at 2 p.m. local time.
California prices at the northern NP15 hub, which includes deliveries to San Francisco, increased $1.41, or 4.5 percent, to $32.53 a megawatt-hour during the hour ended at noon local time. Electricity at Southern California’s SP15 hub was up $4.03, or 13 percent, to $34.14.
NP15 on-peak power flipped to a premium of $2.03 versus SP15 from a discount of 43 cents yesterday.