Mid-Atlantic and N.Y. Power Gain as Cooler Weather Boosts UseHarry R. Weber
Spot wholesale electricity rose from Washington to New York as demand exceeded expectations.
Consumption on the 13-state PJM Interconnection LLC mid-Atlantic network was 105,013 megawatts at 11:15 a.m. New York time, more than the day-ahead forecast of 100,969 megawatts, according to the grid’s website.
The high temperature today in Trenton, New Jersey, may reach 37 degrees Fahrenheit (3 Celsius), 7 below normal, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power at PJM’s benchmark Western hub, which includes Washington, advanced $10.70, or 33 percent, to average $43.15 a megawatt-hour for the hour ended at 11 a.m. from the same time yesterday, grid data compiled by Bloomberg show. Power at the Eastern hub, which includes New Jersey, gained $6.33, or 19 percent, to average $39.02.
PJM West on-peak power traded 57 cents above the Eastern hub, compared with a discount of $1.93 yesterday and a three-month average discount of $7.61 for PJM West.
New York City power rose $9.95, or 30 percent, to average $42.99 a megawatt-hour at 11 a.m., while Boston power fell $17.42, or 29 percent, to average $43.55.
New York on-peak power traded $14.51 below Boston, compared with a discount of $24.06 yesterday and a three-month average discount of $5.54 for New York.
Natural gas for January delivery gained 10.9 cents, or 3 percent, to $3.743 per million British thermal units at 12:04 p.m. on the New York Mercantile Exchange. About 27 percent of the power in the U.S. is generated using gas.