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PJM real-time prices jump above $200/MWh with summer-like weather

Real-time electricity prices across the PJM Interconnection footprint Monday jumped to triple-digit territory as hot weather fueled power demand.

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Real-time power prices on the western side of PJM in the Commonwealth Edison region around Chicago reached about $200/MWh around 3:15 pm EDT. At about the same time, real-time prices on the eastern side of PJM in the Baltimore Gas and Electric region rose near $228/MWh.

Also, in the American Transmission System Inc. region around Cleveland real-time prices jumped to about $250/MWh.



Late last week, PJM issued a hot weather alert for Monday as weather outlooks called for temperature ranges from the upper 70s to low 90s. PJM Monday said the hot weather alert will remain in effect for Tuesday as peakload was forecast to be more than 127 GW. Peak demand Monday was expected to reach around 135 GW.

PJM's real-time price dynamics were coming at the same time its western neighbor, the Midcontinent Independent System Operator, was facing heat, high demand and soaring real-time power prices.

PJM was exporting about 4.4 GW of power to MISO around 3:15 pm, about 1.6 GW above scheduled flows.

--Eric Wieser, eric.wieser@spglobal.com

--Edited by Valarie Jackson, valarie.jackson@spglobal.com