Power From Indiana to Washington Jumps as Temperatures PlummetHarry R. Weber
Spot wholesale electricity jumped across the Midwest as sub-zero temperatures boosted consumption on the Midcontinent Independent System Operator Inc. grid.
Power rose in the mid-Atlantic region as output at a southeastern Pennsylvania nuclear reactor was cut to zero.
Use on the MISO network was 94,403 megawatts at 11:10 a.m. New York time, above the day-ahead forecast of 92,382 megawatts, according to the grid’s website.
The low temperature Tuesday in Indianapolis dropped to minus 5 degrees Fahrenheit (minus 21 Celsius) at 6 a.m. local time, 31 below normal, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power at the Indiana hub, a regional benchmark, tripled, advancing $99.86 to average $145.43 a megawatt-hour for the hour ended at 10 a.m. local time from the same hour Monday, grid data compiled by Bloomberg show. Power at the Michigan hub gained $52.45 to average $99.04.
Spot power at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, rose $59.07, or 55 percent, to average $167.37 for the hour ended at 11 a.m. New York time from the same hour Monday. Power at the Eastern hub, which includes New Jersey, advanced $75.89, or 67 percent, to average $189.04.
Exelon Corp.’s Limerick 1 nuclear reactor was shut late Monday following a high-pressure signal, according to a notice Tuesday from the U.S. Nuclear Regulatory Commission.
PJM West on-peak power traded $19.81 below the Eastern hub, compared with a discount of $8.16 on Monday and a three-month average discount of $10.45.
Natural gas for March delivery rose 4.2 cents, or 1.5 percent, to $2.921 per million British thermal units at 11:49 a.m. on the New York Mercantile Exchange. About 27 percent of power in the U.S. is generated using gas.