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Electricity Prices Surge Across U.S. Northeast as Cold Sets In

  • Power demand is stronger than expected across the regions
  • New York City spot electricity prices spiked to $1,280/MWh

Electricity prices are surging on power grids from Virginia to Maine as homeowners cranked up heaters to combat freezing temperatures.

New York City’s spot price briefly spiked to $1,280.60 per megawatt-hour at 11 a.m. before settling between $200 and $300, according to the grid operator’s website. New England prices tripled in the late morning from a day earlier, touching $286. Prices in New Jersey and Philadelphia topped $100. Prices in the region this time of year typically range between $40 and $70 per megawatt-hour.