In today’s AUSenergy News Special Update: Spot wholesale power prices
Summary: On June 16, 2014, spot wholesale electricity prices doubled in the Mid-Atlantic and climbed in the Midwest as above-normal temperatures swept through the region. PJM Interconnection projected that electricity production would peak at 143,146 MW on June 17, the most since July 2013. Spot electricity at PJM’s Western hub topped $100 per megawatt-hour for three consecutive hours before easing.
AUS Comment: Customers on variable rates with alternative suppliers or on hourly rates with the utility will feel the most impact from these increases. Although short-term price peaks may not have a huge impact on a monthly electric bill, prolonged high prices could make an impression. With June 18th also forecasted as a peak pricing day, the threat is real as we move into summer.
Summary: Spot wholesale electricity fell to a one-week low after a surge of heat in the East gave way to milder weather.
AUS Comment: Occurring only 2 days after a nearly 12-month peak in pricing, this is a great example of how volatile the electricity market is and how other factors, such as weather, can send pricing on a roller-coaster ride.
Summary: Wind generation kept Texas’ electricity spot price down despite high temperatures throughout the state.
AUS Comment: This is a perfect instance of how alternative generation can reduce our dependence on traditional fuel sources and control pricing.
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There are many complicated charts, graphs and calculations that experienced energy professionals use for weather normalizing usage data for various reasons. In our industry, this is most important when determining contracted volumes for natural gas futures...