Oct. 31 (Bloomberg) -- Spot wholesale electricity declined from Washington to San Francisco as mild weather limited demand.
Prices slumped for a fourth day on the 13-state PJM Interconnection LLC network, the largest in the U.S., as the operator increased scheduled supplies while demand was little changed. Below-forecast electricity use sent prices lower in Texas and California.
The high temperature in Washington today may be 72 degrees Fahrenheit (22 Celsius), 8 above average, according to AccuWeather Inc. in State College, Pennsylvania
Spot prices for PJM’s Western hub, which includes Washington, slid 64 cents, or 1.8 percent, to average $35.17 a megawatt-hour during the hour ended at 3 p.m. from the same time yesterday, grid data compiled by Bloomberg show.
The average price for on-peak power at the hub declined for a third day, dropping 18 percent to $32.90. The discount for the Western hub versus the Eastern hub, which includes New Jersey, eastern Pennsylvania, Maryland and Virginia, narrowed to $1.05 from $1.29 yesterday. On-peak hours on the grid are Monday through Friday from 7 a.m. until 11 p.m.
Prices at the Electric Reliability Council of Texas Inc.’s North hub, which serves Dallas, fell $17.79, or 39 percent, to $27.80 a megawatt-hour in the hour ended at 2 p.m. local time.
Ercot demand was 3 percent below forecast at 37,749 megawatts at 1:43 p.m., the manager of the main state grid said.
Northern California’s NP15 hub slid $7.73, or 19 percent, to $32.28 in the hour ended at noon local time. On-peak power at the hub traded at an average premium of 35 cents to Southern California’s SP15 hub compared with 50 cents yesterday.
Power consumption in California was 26,334 megawatts at 11:35 a.m., 3.2 percent lower than the day-ahead forecast of 27,212 megawatts for the hour, the California Independent System Operator Corp.’s website showed.
Power in New York City fell $3.61, or 8.2 percent to average $40.43 a megawatt-hour during the hour ended at 2 p.m. while Boston increased $5.26, or 12 percent, to $48.87.
New York on-peak power flipped to a discount of $1.71 versus Boston from a 62-cent premium yesterday.
--Editors: Bill Banker, Charlotte Porter