Feb. 8 (Bloomberg) -- Wholesale electricity prices on Long Island more than doubled after a subsea transmission line was shut for more than three hours while a winter storm approached.
Neptune Regional System LLC’s 660-megawatt line, which brings power to Long Island from New Jersey, was shut at 7:23 a.m., the region’s grid operator said. The conduit was returned to service at about 11 a.m. after repairs to a leak in the valve cooling system, Christopher Hocker, vice president of planning for Neptune in Fairfield, Connecticut, said in an e-mail.
On-peak power for Long Island rose $205.93 from yesterday to average $337.79 a megawatt-hour at 11:13 a.m., heading for the highest daily real-time average since Jan. 25, according to New York Independent System Operator Inc. data compiled by Bloomberg.
The storm may bring as much as 20 inches (51 centimeters) of snow to eastern Long Island beginning tonight.
National Grid Plc, which operates the electricity network for the Long Island Power Authority, forecasts that more than 100,000 customers in the area will lose power, according to a statement on the authority’s website.
Electricity demand across the New York state grid was 21,809 megawatts at 11:21 a.m., 6.1 percent above a forecast made yesterday, according to the NYISO.
New York City on-peak prices gained $68.76, or 68 percent, to $169.99 a megawatt-hour, heading for the highest real-time average since Jan. 25, according to the grid operator.
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