New York Spot Power Rises Amid Hottest Weather in Three WeeksNaureen S. Malik
Spot wholesale electricity for New York City gained as the hottest weather in three weeks boosted air-conditioning demand.
The city will see above-normal temperatures most of this week, said WSI Corp. in Andover, Massachusetts. The high in midtown Manhattan today climbed to 89 degrees Fahrenheit (32 Celsius), 8 above normal, the most since Aug. 5, according to AccuWeather Inc. in State College, Pennsylvania.
Spot power prices rose $1.85, or 4.6 percent, to $41.99 a megawatt-hour in the hour ended at 2 p.m. from the same time yesterday, grid data compiled by Bloomberg showed.
Demand jumped to 9,098 megawatts at 2:55 p.m., 4.8 percent higher than the day-ahead outlook for the hour, according to the New York Independent System Operator Inc.’s website. The state grid operator had projected demand would peak at a three-week high of 8,677 megawatts in the 4 p.m. hour.