California Spot Power Jumps as Demand Tops ForecastsJonathan N. Crawford
Spot wholesale electricity in California climbed as demand exceeded forecasts.
The high temperature in Los Angeles was projected to be 78 degrees Fahrenheit (26 Celsius), 1 above normal, with San Francisco forecast to reach a maximum of 68, 2 above normal, according to AccuWeather Inc. in State College, Pennsylvania.
Power consumption across the California Independent System Operator Inc. market averaged 35,497 megawatts in the hour ended at 1 p.m. local time, 4,373 megawatts, or 14 percent, higher than the same hour June 6, according to the grid manager. Power consumption for the hour exceeded day-ahead projections by 4.2 percent, data on the website showed. The California market is forecast to reach a peak today of 40,179 megawatts.
Spot power at Northern California’s NP15 hub, which includes deliveries to San Francisco, gained $17.86, or 46 percent, to average $56.41 a megawatt-hour during the hour ended at 1 p.m. local time from the same time June 6, grid data compiled by Bloomberg showed.
In the SP15 hub, serving Los Angeles and San Diego, power climbed $21.34, or 67 percent, to average $53.13.
Northern California on-peak power traded at a premium of $12.91 to the southern hub, compared with a discount of $3.07 on June 6 and a three-month average discount of $3.29.