Wholesale electricity on the eastern U.S. grid operated by PJM Interconnection LLC dropped for the second time in three days as above-normal temperatures reduced morning demand.
Spot prices covering on-peak hours slid 22 percent. Demand through the hour ended at 10 a.m. was below yesterday’s levels, according to the operator of the 13-state grid stretching from New Jersey into North Carolina and Illinois. Temperatures will be above-normal on the East Coast through April 18, according to MDA Weather Services in Gaithersburg, Maryland.
Electricity at PJM’s benchmark Western Hub, which includes prices from Pennsylvania to Washington, fell $9.16 to $33.46 a megawatt-hour at 3 p.m. from yesterday’s on-peak average, according to the grid operator. On-peak hours run from 7 a.m. to 11 p.m.
The high today Pittsburgh may be 78 degrees Fahrenheit (26 Celsius), 19 above normal, according to AccuWeather Inc. in State College, Pennsylvania.
PJM power usage as of 10 a.m. was 85,387 megawatts, down 0.4 percent from the same time yesterday. Demand totaled 84,136 megawatts at 9 a.m., 2 percent below yesterday’s reading.
New York City prices fell $2.20, or 4.9 percent, to $43.21 a megawatt-hour from yesterday’s on-peak average, according to the New York Independent System Operator Inc.
On-peak prices on the six-state grid from Connecticut to Maine rose $8.31, or 22 percent, to $45.60 a megawatt-hour from the previous day’s average, ISO New England Inc. data showed.
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