Nuclear Startup Just Saved New York From a Surge in Power Prices

You’d think, on a frosty New York day like this, power prices would surge as people blast electric heaters to keep warm. Instead, they’re down from last week -- and the Big Apple has a nuclear power plant startup to thank for that.

Spot power in New York City slid 42 percent to about $84 a megawatt-hour late Tuesday morning compared with Friday levels, Genscape data compiled by Bloomberg show. That’s even as a blast of Arctic air was set to drive nighttime temperatures into the teens Fahrenheit and after electricity demand across the state rose above forecasts. A 1,000-megawatt reactor at Entergy Corp.’s Indian Point plant, north of Manhattan, was back on line Saturday after repairs.