Extreme Heat Lifts US Power Prices on Thursday as Operators Brace for Record Demand Amid Heat Dome

Electricity prices across major US wholesale markets climbed by midday Thursday as extreme heat drove electricity demand higher across several regional grids. The PJM Interconnection's real-time locational marginal price stood at $586.33 per megawatt-hour as of 2:45 p.m. ET on Thursday, while the day-ahead price is $370.91/MWh. Day-ahead LMP prices are expected to peak at $1,219/MWh at 7 p.m. ET. PJM's generation mix was dominated by natural gas at 69.54 gigawatts, accounting for 45.2% of total generation, followed by nuclear at 31.99 GW or 20.8%, coal at 29.68 GW or 19.3%, and solar at 13.15 GW, representing 8.5%. Wind, oil, hydro and other sources supplied the remainder. The New York Independent System Operator logged real-time LMP prices at $359.27/MWh as of 2:30 p.m. ET, while day-ahead prices were at $450.2/MWh. Day-ahead prices are expected to peak at about 6 p.m. ET at $808.21/MWh. Dual-fuel generation led the New York Independent System Operator's fuel mix at 10.13 GW, accounting for 38.9% of total generation, followed by natural gas at 6.04 GW or 23.2%, hydro at 3.69 GW or 14.2%, and nuclear at 3.25 GW, representing 12.5%. Wind and other sources supplied the.