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Power Prices Jump in Eastern U.S. as Hot Weather Boosts Demand

By: Naureen S. Malik |

Spot wholesale electricity jumped from Maine to Virginia as hotter weather boosted air-conditioning demand.

Power consumption in New York City climbed 9.1 percent during the 2 p.m. hour from a day earlier while demand on the 13-state PJM Interconnection LLC network was up 6.2 percent, grid data compiled by Bloomberg showed. Demand topped day-ahead forecasts for both regions.

The high temperature in Midtown Manhattan today reached 86 degrees Fahrenheit (30 Celsius), 18 above normal, and Washington may be 17 higher than average at 89 degrees, according to AccuWeather Inc. in State College, Pennsylvania.

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Spot on-peak prices for New York City climbed $33.23, or 79 percent, to average $75.34 a megawatt-hour during as of 3 p.m. from yesterday’s full-day average, according to grid data. Boston was up $5.17, or 11 percent, at $50.53.

New York prices flipped to a premium of $24.81 versus Boston from a discount of $3.25 yesterday. On-peak hours are Monday through Friday from 7 a.m. until 11 p.m.

Spot on-peak power at PJM’s Eastern hub, which includes deliveries in New Jersey, eastern Pennsylvania, Maryland and Virginia, jumped $17.64, or 38 percent, to $64.19 a megawatt-hour as of 3 p.m. The benchmark Western hub, including Washington prices, rose $2.43, or 5.6 percent, to $46.25.

The premium for spot power at the Eastern hub to Western prices widened to $17.94 from $2.73 yesterday.