Texas Power Rises on Below-Forecast Production From WindHarry R. Weber
Spot wholesale electricity in Texas jumped amid below-forecast wind output and demand that was above estimates on the grid that serves most of the state.
Consumption on the Electric Reliability Council of Texas Inc. network averaged 45,359 megawatts for the hour ended at 11 a.m. local time, versus the day-ahead forecast of 44,419 megawatts, according to the grid’s website.
Wind production on the grid averaged 110 megawatts at 11 a.m., versus the day-ahead forecast of 740 megawatts.
The high temperature today in Dallas may reach 89 degrees Fahrenheit (32 Celsius), 1 above yesterday, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power at the Texas North hub, which includes Dallas, gained $11.64, or 40 percent, to average $40.96 a megawatt-hour for the hour ended at 11 a.m. from the same time yesterday, grid data compiled by Bloomberg showed. Houston hub prices rose $11.97, or 41 percent, to average $41.29.
New York City power fell $5.70, or 22 percent, to average $19.95 a megawatt-hour for the hour ended at noon New York time from the same time yesterday, while Boston power slid $10.53, or 32 percent, to average $22.28.
New York on-peak power traded $1.05 above Boston, compared with a premium of $1.20 yesterday and a three-month average discount of $1.84 for New York.
Natural gas for October delivery rose 4.6 cents, or 1.2 percent, to $3.977 per million British thermal units at 12:48 p.m. on the New York Mercantile Exchange after falling as low as $3.863. Prices are down 6 percent this year. Power plants account for 31 percent of U.S. gas demand.