Mid-Atlantic Power Drops as Demand Matches ForecastsJonathan N. Crawford
Spot electricity prices in the mid-Atlantic region dropped as demand in the 13-state PJM Interconnection LLC network missed forecasts.
Power consumption averaged 106,824 megawatts for the hour ended at 3 p.m., lagging behind the day-ahead projections for the hour ended at 3:30 p.m. by 2,765 megawatts, according to data compiled by Bloomberg.
The high temperature in Washington today probably reached 82 degrees Fahrenheit (28 Celsius), 7 below normal, according to AccuWeather Inc. of State College, Pennsylvania. Chicago’s maximum reading may reach 73 degrees, 11 below usual.
In PJM’s Eastern hub, which includes New Jersey, eastern Pennsylvania, Maryland and Virginia, power fell $10.90, or 14 percent, to average $69.36 a megawatt-hour in the hour ended at 3 p.m. from the same time yesterday, grid data compiled by Bloomberg show. In the Western hub, which includes prices from Washington to Erie, Pennsylvania, power slipped $1.38 to average $33.74 a megawatt-hour.
Power prices in the Electric Reliability Council of Texas Inc. market, which spans the majority of the state, fell as demand came in below forecasts.
In Ercot’s North hub, which includes Dallas and Fort Worth, power dropped $10.94, or 28 percent, to average $28.12 a megawatt-hour at 2 p.m. local time.