Dec. 18 (Bloomberg) -- Spot wholesale electricity prices in Texas fell as demand dropped below expectations.
Power use on the network of Electric Reliability Council of Texas Inc., grid operator for most of the state, averaged 33,208 megawatts for the hour ended at 2 p.m. local time, compared with the day-ahead forecast of 33,290 megawatts, according to ERCOT’s website.
The high temperature today in Dallas may reach 72 degrees Fahrenheit (22 Celsius), the same as yesterday, according to AccuWeather Inc. in State College, Pennsylvania.
Spot prices at the Texas North hub, which includes Dallas, and at the Houston hub slid 12 percent to average $24.20 a megawatt-hour for the hour ended at 2 p.m. from the same period yesterday, grid data compiled by Bloomberg show.
Prices at the Midcontinent Independent System Operator’s Indiana hub, a regional benchmark, reversed earlier gains and fell 10 percent to average $25.05 a megawatt-hour for the period ended at 2 p.m. from the same time yesterday.
Spot prices in New York City fell 38 percent to average $43.68 a megawatt-hour at 3 p.m. New York time from the same hour yesterday, while Boston prices slid 58 percent to average $92.30 a megawatt-hour.
New York on-peak power traded $104.60 below Boston, compared with a $76.38 discount yesterday and a three-month average discount of $9.86.
Prices at PJM Interconnection LLC’s benchmark Western hub, which includes Washington, declined 26 percent to average $33.75 a megawatt-hour at 3 p.m., the grid data show. Prices at the Eastern hub, which includes New Jersey, gained 25 percent to average $49.93 a megawatt-hour.
PJM West on-peak power traded $17.10 below the Eastern hub, compared with a $3.95 discount yesterday and a three-month average discount of $4.43.
--Editors: Charlotte Porter, Richard Stubbe