Wholesale electricity prices on the eastern U.S. grid operated by PJM Interconnection LLC climbed to the highest level in more than two weeks as a cold snap lifted demand above forecasts.
On-peak prices, which span 7 a.m. through 11 p.m., almost doubled from yesterday’s full-day average with power consumption coming in about 3 percent to 5 percent above yesterday’s outlook. The Northeast and mid-Atlantic states will see below- normal temperatures today, according to WSI Corp. in Andover, Massachusetts.
Electricity at PJM’s benchmark Western Hub, which includes prices from Pennsylvania to Washington, rose $36.60, or 91 percent, to $76.73 a megawatt-hour at 12 p.m. from yesterday’s on-peak average, the highest since March 18, according to the grid operator. Earlier the average surged to a 10-week high after parts of the region saw near-freezing weather.
The high today in Washington may be 53 degrees Fahrenheit (12 Celsius), 10 below normal, and while Newark, New Jersey, may see a high of 54 degrees, 4 lower than the usual reading, according to AccuWeather Inc. in State College, Pennsylvania.
Power usage across the 13-state grid, which runs from New Jersey into North Carolina and Illinois, surged to 102,183 megawatts at 7:20 a.m. today, exceeding the grid operator’s peak-demand forecast of 98,913 megawatts at 7:30 a.m.
Spot electricity in the Midwest and New England rose while declining in New York City.
The Indiana hub, a benchmark for the Midwest, climbed $13.98, 43 percent, to $46.81 per megawatt-hour at 10 a.m. local time from yesterday’s on-peak average, data from the Midwest Independent Transmission System Operator Inc. showed.
On-peak prices on the six-state grid from Connecticut to Maine rose 23.5 cents, or 0.5 percent, to $51.77 a megawatt-hour at noon, gaining for the third time in four days, ISO New England Inc. data showed.
New York City prices slid for the first time in six days, dropping $15.42, or 27 percent, to $42.28 a megawatt-hour at 12 p.m. local time from yesterday’s on-peak average, according to the New York Independent System Operator Inc.
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