Oct. 10 (Bloomberg) -- Spot wholesale electricity prices climbed from a two-week low on the grid stretching from Washington to Chicago as demand topped forecasts.
PJM Interconnection LLC, which manages the largest U.S. electric network, said on its website that usage in the 13-state region was 88,697 megawatts at 1:10 p.m., 4.1 percent higher than the day-ahead outlook for the hour.
Parts of the East Coast and Midwest will see unusually cool weather today, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power prices for PJM’s benchmark Western hub, which includes deliveries to Washington, gained $6.42, or 20 percent, to $38.41 a megawatt-hour during the hour ended at 1 p.m. from the same time yesterday, grid data compiled by Bloomberg show. Prices yesterday averaged $30.90, the lowest full-day average price since Sept. 23.
The Eastern hub, which serves New Jersey, Maryland, eastern Pennsylvania and Virginia, rose $9.57, or 34 percent, to $37.83.
On-peak prices at the Western grid were 9 cents higher than the Eastern region, down from $1.14 yesterday.
Spot power in New York City was up $1.42, or 4.1 percent, to $35.80 a megawatt-hour in the hour ended at 1 p.m.
New York prices flipped to a premium to Boston of $4.96 from a discount of $16.17 yesterday. Boston prices slid $6.32, or 18 percent, to $29.82.
--Editors: Bill Banker, Charlotte Porter