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PJM West Power Drops as Regional Consumption Slips


Spot wholesale electricity in markets from the East Coast to the Midwest slipped as consumption on the grids matched forecasts.

Demand for electricity across PJM Interconnection LLC’s 13-state grid touched 110,326 megawatts at 3 p.m. New York time, about even with day-ahead projections, the grid’s data showed.

The temperature in Washington reached 82 degrees Fahrenheit (28 Celsius) at 2 p.m., 6 below the normal high for the day, according to AccuWeather Inc. in State College, Pennsylvania. New York’s high was projected to reach 80, 4 below normal.

Spot prices for PJM’s benchmark Western hub, which includes deliveries to Washington, slid $10.98, or 22 percent, to average $39.93 a megawatt-hour during the hour ended at 3 p.m. from the same time yesterday, according to grid data compiled by Bloomberg. Power in the PJM East region, which includes New Jersey, fell $15.90, or 28 percent, to $41.74.

PJM Western hub average on-peak power traded $1.35 less than Eastern hub, compared with a discount of $5.56 yesterday and a three-month average discount for the Western hub of $6.29.

Power dropped in New York, where consumption on the grid lagged behind expectations. Prices on the grid managed by the New York Independent System Operator Inc. declined $11.41, or 26 percent, to average $32.46 a megawatt-hour.