EIA weekly report: California’s price mitigation rules replace price cap

Nov. 1, 2002 — Spot electricity prices in the Western United States generally increased over the past four trading days as the cooler weather kept demand high.

At Mid-Columbia, a benchmark for the Northwest, prices increased 37 percent from $31.31 per megawatthour on October 24 to $42.87 per megawatthour on October 30. At COB, prices increased 33 percent during the same time period.

Effective November 1, California’s new price mitigation rules will replace the current price cap of $91.87 per megawatthour.

In the Midwest, unexpected cold temperatures kept demand levels and prices high. As a result, prices at Cinergy increased 88 percent from $20.69 per megawatthour on October 22 to $38.94 per megawatthour on October 30.

In the Southeast, electricity prices also increased over the past seven trading days as colder temperatures led to higher demand. Since October 22, prices at SERC have steadily increased reaching a seven-day high of $37.33 per megawatt hour on Oct 29.

With the advent of cooler weather in the Northeast, both natural gas and spot electricity prices have escalated at most trading centers. At PJM West, prices increased 27 percent from $34.80 per megawatthour on October 24 to $44.20 per megawatthour on October 30.

At NEPOOL, prices steadily increased over the past four trading days and reached a high of $50.75 on Oct 30. New York Zone J spot electricity prices were stable, but high relative to the rest of the county, over the past seven trading days. New York City prices ranged between $59.00 and $62.25 per megawatt hour.

Over the past seven days, the average price at all trading centers ranged between $37.67 and $45.90 per megawatthour.

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