PJM spot electric power prices moved up on June 2, with warm weather and higher demand supporting the power market. PJM West Hub day-ahead on-peak moved up about $3.80 from the May 29 Intercontinental Exchange settlement price of $16.60/MWh to trade around $20.40/MWh. AD Hub day-ahead on-peak rose even more, trading up $6.90 at around $24.65/MWh. PJM demand is forecast to jump higher day on day, supporting regional spot power prices. According to regional transmission organization data, PJM peakload demand is forecast to rise from 96.7 GW on June 2 to 117.5 GW on June 3, a rise of over 21.5%. This is the largest day-on-day change expected over the next seven days.
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