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Power Prices Rise on Eastern U.S. Grids Amid Higher Demand

By: Naureen S. Malik |

Spot wholesale electricity from Boston to Washington and Chicago gained as grid operators reported higher demand.

PJM Interconnection LLC, which operates the 13-state grid from the East Coast into the Midwest, said power consumption in the mid-Atlantic states was 36,009 megawatts at 9:30 a.m., 4.6 percent above the day-ahead forecast for the time, according to its website. Northeast demand was up from a day earlier.

Temperatures will be below normal along the East Coast today with possible thunderstorms in some areas, according to AccuWeather Inc. The high in Boston may be 80 degrees Fahrenheit (27 Celsius), 1 below normal, and Washington’s reading will be 5 lower than the average at 83 degrees, the State College, Pennsylvania-based forecaster said.

Spot power for New York City rose $3.30, or 9.9 percent, to average $36.67 a megawatt-hour during the hour ended at 9 a.m. from the same time yesterday, grid data compiled by Bloomberg showed.

Boston prices increased $1.96, or 6.7 percent, to $31.49 a megawatt-hour while PJM’s benchmark Western hub, which includes deliveries to Washington, rose $2.48, or 9.5 percent, to $28.74.