Power Prices Rise in Mid-Atlantic States as Demand Tops Forecast
Spot wholesale electricity in PJM Interconnection LLC’s Western hub rose as demand topped forecasts on the largest U.S. power network.
Use in the 13-state region, which includes Washington, Philadelphia and Chicago, averaged 89,155 megawatts at 12:20 p.m., compared with a day-ahead forecast of 85,370 megawatts, according to PJM’s website.
Spot prices rose $2.56, or 7 percent, to average $39.19 a megawatt-hour during the hour ended at noon from the same time Oct. 25, grid data compiled by Bloomberg show.
The high temperature today in Chicago may be 53 degrees Fahrenheit (12 Celsius), 5 below the average high, while Philadelphia may reach 63 degrees and Washington may reach 65 degrees, both in line with the historical average, according to AccuWeather Inc. of State College, Pennsylvania.
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