July 21 (Bloomberg) -- Spot wholesale electricity doubled for New York City as demand jumped above the state grid operator’s forecasts and supply shrank.
Power use was 8,502 megawatts at 3:10 p.m., 5.7 percent higher than the day-ahead outlook for the hour, the New York Independent System Operator Inc.’s website showed. The operator said capacity margin, or buffer of extra supply on the state grid, dropped to 701 megawatts today, the least since July 3, from a reported margin of 1,754 megawatts on July 18.
Average on-peak prices for New York City have more than doubled to $66.26 as of 3 p.m. versus the same hours on July 18, grid data show. On-peak hours run from 7 a.m. to 11 p.m.
Spot power more than tripled, rising $74.30 a megawatt-hour to $108 during the hour ended at 3 p.m. from the same time on July 18.
Demand in the city’s five boroughs was up 8.8 percent from the same time on July 18 in similar temperatures. The high in Manhattan today will be 81 degrees Fahrenheit (27 Celsius), 3 below normal, as was in the three previous weekdays, according to AccuWeather Inc. in State College, Pennsylvania.
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