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Spot Power Prices Spike in Eastern US

June 19, 2014 By Linda Hardesty

heat energy manageSpot wholesale electricity prices doubled this week in the Mid-Atlantic as the first 90-degree temperatures of the season hit the region, according to Bloomberg.

Temperatures rose Tuesday to 97 degrees F in Washington, DC, and 93 degrees F in Philadelphia.

PJM Interconnection projected that electricity production in its 13-state grid would peak at 143,146 MW Tuesday, the most since July, 2013, reports Bloomberg.

The heat increased power prices in PJM’s Eastern hub Tuesday from $44.27/MWh to an average $84.82/MWh for the hour ending at 3 pm from the same time Monday, according to grid data compiled by Bloomberg.

In PJM’s Western hub, spot power climbed $26.64, or 50 percent, to an average $79.86, according to Bloomberg.

Photo: Hot weather via Shutterstock

 

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