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Power Prices Drop From Pennsylvania to Washington on Demand Cut

By: Harry R. Weber |

Spot wholesale electricity prices in PJM Interconnection LLC’s Western hub fell as mild weather cut demand on the largest U.S. power network.

Use in the the 13-state region, which includes Washington, Philadelphia and Chicago, averaged 91,069 megawatts during the hour ended at 10 a.m., down 2.7 percent from the same time yesterday, according to grid data compiled by Bloomberg.

The high temperature today in Washington may be 62 degrees Fahrenheit (17 Celsius), 2 below the average high, according to AccuWeather Inc. in State College, Pennsylvania. Chicago may reach 57 degrees, 1 lower than usual.

Spot prices at PJM’s benchmark Western hub, which includes Washington, fell $5.18, or 12 percent, to average $39.60 a megawatt-hour during the hour ended at 10 a.m. from the same time yesterday, the grid data show.

Power at the Eastern hub, which includes New Jersey, fell $37.16, or 48 percent, to average $40.03 a megawatt-hour.

New York City power prices rose $10.33, or 16 percent, to average $76.38 a megawatt-hour during the hour ended at 10 a.m.