Mid-Atlantic Power Advances as Demand Exceeds Day-Ahead ForecastHarry R. Weber
Spot wholesale electricity rose across PJM Interconnection LLC’s territory as demand advanced above expectations on the largest U.S. power grid.
Power use on the 13-state PJM network was 85,977 megawatts at 11:15 a.m. New York time versus the day-ahead forecast of 84,779 megawatts, according to the grid’s website.
The high temperature today in Washington may reach 65 degrees Fahrenheit (18 Celsius), 6 below normal, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power at PJM’s benchmark Western hub, which includes Washington, gained $22.69, or 47 percent, to average $71.39 a megawatt-hour for the hour ended at 11 a.m. from the same time April 25, grid data compiled by Bloomberg show. Prices at the Eastern hub, which includes New Jersey, advanced $22.05, or 44 percent, to average $72.43.
PJM West on-peak power traded 98 cents below the Eastern hub, compared with a discount of $1.40 on April 25 and a three-month average discount of $12.97 for PJM West.
New York City spot power fell $1.49, or 3.8 percent, to average $37.46 at 11 a.m., while Boston power slid $18.35, or 33 percent, to average $37.25.
New York on-peak power traded $10.73 above Boston, compared with a discount of $2.28 on April 25 and a three-month average discount of $12.68 for New York.