Power Prices Rise in Mid-Atlantic States as Demand Tops ForecastHarry R. Weber
Spot wholesale electricity in PJM Interconnection LLC’s Western hub rose as demand topped forecasts on the largest U.S. power network.
Use in the 13-state region, which includes Washington, Philadelphia and Chicago, averaged 89,952 megawatts at 3:55 p.m., compared with a day-ahead forecast of 83,458 megawatts, according to PJM’s website.
Spot prices rose $2.16, or 6.8 percent, to average $33.79 a megawatt-hour during the hour ended at 3 p.m. from the same time Oct. 25, grid data compiled by Bloomberg show.
Power at the Eastern hub, which includes New Jersey, rose $2.05, or 6.3 percent, to $34.61 a megawatt-hour during the hour ended at 3 p.m. from the same time Oct. 25.
Prices in northern California’s NP15 hub jumped $7.12, or 21 percent, to $40.39 a megawatt-hour during the hour ended at noon local time from the same hour Oct. 25, after PG&E Corp. reduced output to 55 percent of capacity at the Diablo Canyon 1 reactor 160 miles northwest of Los Angeles for work that’s expected to last “several days,” Blair Jones, a spokesman for the company in San Francisco, said in an e-mail. For Southern California’s SP15 hub, prices rose $10.79, or 32 percent, to $44.44 a megawatt-hour.
Prices in New York City rose $14.75, or 35 percent, to $56.56 a megawatt-hour during the hour ended at 3 p.m. from the same time on Oct. 25. Matthew Oatway, a Genscape Inc. analyst in Boston, said in an electronic message that New York prices were higher because a transmission line from Westchester County to Manhattan was taken out of service Oct. 23.
The high temperature today in Chicago may be 53 degrees Fahrenheit (12 Celsius), 5 below average, while San Francisco may reach 58 degrees, 10 below the norm, according to AccuWeather Inc. of State College, Pennsylvania. Philadelphia may reach 63; Washington, 65; and New York, 60, all three in line with the historical averages.