Power Falls From Mid-Atlantic States to Northeast as Use Slides

Spot wholesale electricity fell along the East Coast as power demand slid and a Virginia nuclear reactor boosted output.

Use on the 13-state PJM Interconnection LLC grid declined 5.2 percent to average 92,019 megawatts for the hour ended at 11 a.m. New York time from the same time Monday, according to the grid’s website.

The high temperature today in Washington may reach 68 degrees Fahrenheit (20 Celsius), 7 above normal, according to AccuWeather Inc. in State College, Pennsylvania.

Dominion Resources Inc.’s North Anna 1 nuclear reactor 40 miles northwest of Richmond, Virginia, raised to full output from 75 percent capacity on Monday, according to a notice from U.S. Nuclear Regulatory Commission. The reactor’s nameplate capacity is 980 megawatts.

Spot power at PJM’s benchmark Western hub, which includes Washington, fell $3.68, or 11 percent, to average $29.21 a megawatt-hour at 11 a.m. from the same hour Monday, grid data compiled by Bloomberg show. Power at the Eastern hub, which includes New Jersey, slid $5.04, or 17 percent, to average $24.53 a megawatt-hour.

PJM West on-peak power traded $5.52 above the Eastern hub, compared with a premium of $13.84 on Monday and a three-month average discount of $10.25 for PJM West.

New York City power declined $12.14, or 31 percent, to average $27.47 a megawatt-hour at 11 a.m., while Boston power fell $44.13, or 51 percent, to average $43.01. Demand on the ISO New England Inc. network was 14,625 megawatts at 11:25 a.m., below the day-ahead forecast of 14,790 megawatts.

New York on-peak power traded $14.47 below Boston, compared with a discount of $43.25 on Monday and a three-month average discount of $8.41 for New York.

Natural gas for May delivery rose 1.6 cents, or 0.6 percent, to $2.66 per million British thermal units at 12:13 p.m. on the New York Mercantile Exchange. About 27 percent of power in the U.S. is generated using gas.

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