Power From Washington to Chicago Dips as Demand Mirrors Forecast

Jul 24, 2014 4:54 pm ET

July 24 (Bloomberg) -- Spot wholesale electricity in markets from the East Coast to the Midwest slipped as consumption on the grids mirrored forecasts.

Demand for electricity across PJM Interconnection LLC’s 13- state grid touched 105,823 megawatts at noon, about even with day-ahead consumption projections, the grid’s data showed.

The high temperature today in Washington may reach 82 degrees Fahrenheit (28 Celsius), 6 below normal, according to AccuWeather Inc. in State College, Pennsylvania. New York’s high was projected to reach 80, 4 below normal.

Spot prices for PJM’s benchmark Western hub, which includes deliveries to Washington, slid $18.18, or 36 percent, to average $32.83 a megawatt-hour during the hour ended at noon from the same time yesterday, according to grid data compiled by Bloomberg.

PJM Western hub average on-peak power traded $1.20 less than Eastern hub, compared to a discount of $5.56 yesterday and a three-month average discount for the Western hub of $6.28.