PJM Interconnection real-time load-weighted average power prices in 2020 were the lowest in PJM’s energy market history at $21.77/MWh, and down 20.3% from $27.32/MWh in 2019, with the largest factor being lower power generation fuel prices, PJM’s market monitor said March 11. Energy market prices were lower in 2020 than in any year since PJM markets were established in 1999 and power prices in PJM were already among the lowest in PJM’s history in 2019, Monitoring Analytics said in its 2020 State of the Market Report for PJM. And of the $5.55/MWh decrease, 50.3% was a direct result of lower fuel costs, with the other major contributor being the "significant drop in demand as a result of both the mild winter weather and COVID-19," the IMM said. On a cumulative basis, PJM load was down 4.0% compared to 2019, and load was down 3.4% after accounting for the impact of weather, the report said.
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