Dive Brief:
- Power demand spiked along the East Coast as winter weather blanketed the region, and real-time electricity prices responded by reaching almost $300 per MWh in some PJM zones.
- Arctic temperatures are anticipated in the next couple of days, and energy officials have called on consumers to prepare by reviewing conservation and safe heating facts.
- PJM load was about 112,545 MW at 7 p.m. yesterday evening, but the grid operator was anticipating 124,000 MW at the same time today.
Dive Insight:
A blast of cold weather pushed real-time prices higher in PJM Interconnection's territory yesterday, trading up to about $280/MWh in a couple of regions at one point, Platts reported. And the weather is expected to turn colder before the region sees any relief, with PJM raising demand estimates to about 124,000 MW at peak time today, around 7 p.m.
PSE&G issued winter recommendations to its customers in New Jersey, noting that "frigid weather is here, and heating systems are working extra hard." The utility suggested customers lower thermostats by one degree to potentially reduce heating bills by up to 3%.
Pennsylvania regulators issued recommendations as well, adding that "severe cold temperatures put extra demands on utility systems, but energy conservation helps."
The National Weather Service said through the end of the week an Arctic weather pattern would "bring bitterly cold weather from the western High Plains to the Mid-Atlantic and Northeast U.S. Widespread subzero overnight lows are forecast for the Dakotas, Upper Midwest, Great Lakes, and interior New England."
NWS said there are wind chill advisories and warnings are in effect for many of these same areas, with some of the coldest wind chill readings in the -25 to -45 degree fahrenheit range. Record low temperatures are possible.
