Midwest to Mid-Atlantic Power Drops on Demand OutlookJonathan N. Crawford
Wholesale electricity prices gained from Washington to Chicago, reversing earlier declines, as consumption on the regional grid surpassed day-ahead projections.
Demand on PJM Interconnection LLC’s 13-state grid averaged 111,642 megawatts for the hour-ended at 4 p.m., topping forecasts, data on the system manager’s website showed. Electricity use was up 2,643 megawatts, or 2.4 percent, from a day earlier.
The temperature in Washington was 84 degrees Fahrenheit (29 Celsius) at 4:20 p.m., 3 below the normal high, while Chicago’s was at 75 degrees, 5 lower than the usual maximum reading, according to AccuWeather Inc. in State College, Pennsylvania.
Spot wholesale power for PJM’s benchmark Western hub gained $3.28, or 9.9 percent, to average $36.45 a megawatt-hour during the hour ended at 4 p.m. New York time from the same time yesterday, grid data compiled by Bloomberg showed.
In PJM’s Eastern hub, which includes New Jersey, eastern Pennsylvania, Maryland and Virginia, power jumped $10.24, or 35 percent, to average $39.60.
Average on-peak power in the Western hub traded $2.25 less than in the Eastern hub, compared with a $3.15 premium yesterday and a three-month average discount for Western hub of $6.29.
Power fell in New York after the West Zone saw prices surge more than fivefold to $164.95 a megawatt-hour at 1 p.m. from a day earlier, according to data from the New York Independent System Operator Inc., the grid manager.
Entergy Corp.’s Indian Point unit 3 nuclear reactor shut at about 11:57 a.m. in response to a “false signal” about a change in reactor coolant system pressure, according to a company statement. The cause of the signal is under investigation, the company said.
Power in the zone at 4 p.m. was down $3.04 to $32.97.
The reactor, located about 27 miles (43 kilometers) north of New York City on the Hudson River, has a nameplate capacity of 1,012 megawatts, according to the Energy Information Administration. Unit 2 was operating at full power.
Prices declined at the Electric Reliability Council of Texas Inc. market, which covers most of the state, as consumption was near forecasts. The average power price in Ercot slipped $5.76, or 11 percent, to average $44.85 a megawatt-hour at 3 p.m. local time, data from the grid manager showed.