Nov 10 (Reuters) –
Energy prices for PJM Interconnection, the largest US power grid operator, increased significantly in the first nine months of 2022 from the year-ago period, according to a report released on Thursday.
The report by Monitoring Analytics, the independent market monitor for PJM, assesses the competitiveness of the wholesale electricity markets managed by PJM in 13 states and Washington, DC
“The real-time load-weighted average LMP in the first nine months of 2022 increased 118.2 percent from the first nine months of 2021, from $35.68 per MWh to $77.84 per MWh,” the report said.
“This was the highest average PJM price ($77.84 per MWh), the highest price increase ($42.16 per MWh) and the highest percent price increase (118.2 percent) for the first nine months of a year since the creation of PJM markets in 1999. “
Coal and natural gas prices rose year-on-year, with variations by time period and area, the report said. Coal and gas prices doubled in the eastern areas covered by PJM.
The real-time hourly average load in the first nine months rose 1.1% to 90,514 MWh from 89,515 MWh in the year-ago period, the report added.
From January through September, generation from coal units decreased by 12.1%, natural gas units increased by 8.7%, and wind and solar units rose 17.1% compared to the year-ago period. (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Richard Chang)