Oct. 30 (Bloomberg) -- Spot wholesale electricity prices surged in Texas and New England as demand topped the grid operators’ forecasts.
Spot power on the state network operated by the Electric Reliability Council of Texas Inc. rose near $500 a megawatt-hour after demand exceeded day-ahead projections by more than five percent. Prices gained in New England and the 13-state PJM Interconnection LLC network, the largest in the U.S., on higher- than-forecast demand.
Temperatures will be below normal today from Maine to Connecticut while Texas and the PJM region will see warmer weather, according to WSI Corp. in Andover, Massachusetts.
Spot prices at Ercot’s North hub, which serves the Dallas- Fort Worth metropolitan area, rose $10.19, or 27 percent, to average $44.61 a megawatt-hour during the hour ended at 3 p.m. local time from the same time yesterday, grid data compiled by Bloomberg showed. On-peak power was up 47 percent at $75.01 at 4 p.m., heading for the highest daily average since Oct. 1.
Electricity in the hub serving Boston and Northeastern Massachusetts climbed $7.08, or 21 percent, to average $40.50 a megawatt-hour in the hour ended at 4 p.m.
Boston on-peak power traded at a $4.27 premium to New York City versus a discount of $7.78 yesterday. New York was up $4.96, or 12 percent, at $45.73 a megawatt-hour after trading lower earlier in the day.
New England prices were driven higher in part by supply bottlenecks in Maine, as electricity was exported into New Brunswick, Canada, data from the grid operator’s website showed. Maine’s on-peak prices rose $36.11, or 73 percent, to $85.62 a megawatt-hour.
In New Brunswick, NB Power’s Point Lepreau nuclear plant “is currently conducting a short planned outage and will return to service in a few days,” Kathleen Duguay, a spokeswoman for the power provider, said in an e-mail. NB Power imports energy when it’s economically viable, she said.
In the PJM region, spot prices at the Western hub, including Washington, rose $5.19, or 16 percent, to average $37.46 a megawatt-hour during the hour ended at 4 p.m. from the same time yesterday.
Power consumption in PJM, stretching from the mid-Atlantic states to the Ohio Valley, was 87,130 megawatts at 3:25 p.m., 4 percent above the day-ahead projection for the hour, according to the grid’s website.
The discount for on-peak power at the Western hub versus the eastern region was $1.15 versus $1.11 yesterday. The Eastern hub, with deliveries in New Jersey, eastern Pennsylvania, Maryland and Virginia, rose $5.50, or 17 percent, to $38.53.
On-peak hours on the grid run from 7 a.m. to 11 p.m. weekdays.
California prices were lower as demand slumped. Spot power at the NP15 hub, serving San Francisco and the northern half of the state, was down $5.39, or 13 percent, to $35.57 a megawatt- hour during the hour ended at 1 p.m. local time while the SP15 hub for Los Angeles and San Diego fell $5.12, or 13 percent, to $34.74.
NP15 on-peak power traded at a 42-cent discount to SP15 compared with a premium of $4.98 yesterday.
--Editors: Bill Banker, Charlotte Porter