Wholesale Power Surges in New York as Temperatures Soar
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Wholesale electricity jumped in New York as hot, humid weather from Massachusetts to North Carolina prompted homes and businesses to crank up air conditioners.
Spot power in New York City rose to an average of $339.82 a megawatt-hour from 7 a.m. through 3 p.m. after soaring as high as $1,647.56 at 10:55 a.m., according to the New York Independent System Operator Inc., which manages the state grid. Electricity traded yesterday for delivery for those peak-demand hours today was priced at an average of $57.34.