Spot Power Climbs on Texas Grid as Demand Tops ForecastsJonathan N. Crawford
Spot electric power in the hub for Boston and Northeast Massachusetts doubled as consumption on the grid was higher than anticipated.
Use on ISO New England Inc.’s six-state grid touched 20,803 megawatts at 3:25 p.m., surpassing the forecast for the hour ending at 3:30 p.m. by 523 megawatts, or 2.6 percent, according to the system manager’s website.
The temperature in Boston reached 83 degrees Fahrenheit (28 Celsius), 1 above the normal high, at 3:30 p.m., according to AccuWeather Inc. in State College, Pennsylvania.
Spot power in the Boston market gained $30.09 to average $55.32 a megawatt-hour during the hour ended at 3 p.m. from the same time July 25, grid data compiled by Bloomberg showed.
Spot wholesale electric power on PJM Interconnection LLC’s benchmark Western hub, which includes deliveries to Washington, slipped after unplanned line outages sent power above $80 a megawatt-hour earlier in the day. Western hub power averaged $34.23 for the hour ended at 3 p.m., down $2.74, or 7.4 percent, from the comparable period on July 25, according to the grid.
Three 138-kilovolt lines in FirstEnergy Corp.’s Penelec utility territory in Pennsylvania went out of service yesterday in unplanned events, Kate Trischitta, the director of trading at Consolidated Edison Inc.’s wholesale energy trading unit in Valhalla, New York, said in an e-mail.
Trischitta said grid manager PJM expected the lines to return to operation later today.