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US Power Update: US Electricity Markets Mixed as SPP Prices Peak at $247.82/MWh

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US wholesale electricity markets were mixed Wednesday afternoon, with prices peaking above $150 per megawatt-hour across multiple markets, according to data from GridStatus.io.

Electric Reliability Council of Texas' real-time LMP stood at $32.41/MWh at 4 p.m. ET. Net load reached 48.74 GW, with natural gas providing the largest share of the generation mix at 39.6%.

California Independent System Operator's real-time LMP came in at $36.39/MWh at 4 p.m. ET. Net load was 5.55 GW, while solar led the generation mix at 61.2%.

Southwest Power Pool's real-time LMP was $63.98/MWh at 4 p.m. ET. Net load reached 43.51 GW, with natural gas accounting for the largest share of generation at 40.3%. Prices peaked at $247.82/MWh at 4:30 p.m. ET.

PJM Interconnection's real-time LMP stood at $35.54/MWh at 4 p.m. ET. Net load reached 121.83 GW, with gas supplying the largest share of generation at 47%. Prices rose to an intraday high of $185.67/MWh at 10:10 a.m. ET.

Midcontinent Independent System Operator's real-time LMP came in at $42.89/MWh at 4 p.m. ET. Net load was 88.89 GW, with natural gas leading the generation mix at 35.2%. Prices climbed to an intraday high of $176.03/MWh at 2:40 p.m. ET.

New York Independent System Operator's real-time LMP was $51.89/MWh at 4 p.m. ET. Net load stood at 22.82 GW, with dual-fuel sources representing the largest share of generation at 33.3%.

ISO New England's real-time LMP reached $67.71/MWh at 4 p.m. ET. Net load came in at 16.37 GW, with natural gas supplying the largest share of the generation mix at 54%.

Independent Electricity System Operator's real-time LMP was $30.90/MWh at 4 p.m. ET. Net load stood at 18.84 GW at 3:55 p.m. ET, with nuclear providing the largest share of generation at 41.9%. Prices hit an intraday peak of $125.17/MWh at 11:50 a.m. ET.

The hot and dry weather pattern is expected to persist across the ERCOT region this week, with widespread highs topping 100 degrees, ERCOT said in a post on X on Tuesday.

The hottest conditions are expected through the weekend, while rain chances remain minimal and mostly confined to parts of Far West Texas. ERCOT expects strong demand, with peaks in the upper 80,000- to lower 90,000-megawatt range.

The National Weather Service's Climate Prediction Center forecasts above-normal temperatures across much of the West and South from Aug. 26 to Sept. 1, with near-normal and below-normal readings across parts of the Northeast.

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