[Market Update] PJM Is in the Process of Determining the Load Impacts That COVID-19 Is Having on the System
PJM is in the process of determining the load impacts that COVID-19 is having on the system. It relies on the most up-to-date load forecasts for the upcoming capacity auction. Various shutdowns across PJM’s 13 states, meant to limit the spread of the coronavirus pandemic, have been impacting power demand, but determining the precise impact is challenging. Load or usage in PJM can be divided up into three groups – residential and commercial load, which account for 37% each, and industrial load at 21%. Due to COVID-19, the virus we have seen a dramatic shift from commercial load to residential load as people have been working from home instead of at work. Industrial usage is impacted differently. Trying to figure-out the specific load reductions poses a challenge due to seasonal shifts in demand. The warmer weather since March 16th would have accounted for a decrease in load, but by how much? PJM will be tasked with making those adjustments to its models as it pertains to the upcoming base residual auctions.
Read the complete market update courtesy of Constellation.
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