Power Gains From Washington to Chicago on Higher DemandJonathan N. Crawford
Spot wholesale electricty across PJM Interconnection LLC’s 13-state territory jumped on higher consumption.
Power demand averaged 104,067 megawatts for the hour ended 2 p.m., 9.3 percent more than for the same time May 9 and the highest level for the period since March 17.
The high temperature in Washington was projected to reach 86 degrees Fahrenheit (30 Celsius) today, 12 above normal, according to AccuWeather Inc. in State College, Pennsylvania. Analysts typically use 65 degrees as a benchmark for weather that requires no heating or cooling.
PJM’s benchmark Western hub, which includes prices from Washington to Erie, Pennsylvania, jumped $28.34, or 72%, to $67.80 a megawatt-hour for the period ended at 2 p.m. from the same time May 9, grid data compiled by Bloomberg showed.
The hub for Boston and Northeast Massachusetts gained $8.87 to average $43.16 a megawatt-hour during the hour ended at 2 p.m.