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Washington Power Falls as Grid Adjusts to Transformer Failure

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Mid-Atlantic wholesale power retreated from earlier gains as the grid found alternate supply sources to make up for a transformer failure that shut two reactors and briefly cut electricity to the White House and Capitol Hill.

Hourly spot prices surged more than sixfold in the hour ended at 2 p.m., topping $200 a megawatt-hour, before dropping to $31.20 three hours later, down $8.21 from the same time Monday, according to PJM Interconnection LLC grid data compiled by Bloomberg.