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.