Much of the East ended the week with yet another day of triple-digit power prices.
New York City recorded a spot power price of $174.26/MWh for delivery on July 19, according to Energy Information Administration (EIA) figures.
New England reported a spot power price of $147.64 and the Mid-Atlantic reported $136.06, according to the EIA data.
In addition, those same three regions also reported a spark spread in excess of $100/MWh. The spark spread is a common metric for estimating the profitability of natural gas-fired electric generators. The spark spread is the difference between the price received by a generator for electricity produced and the cost of the natural gas needed to produce that electricity.
Weather forecasts were predicted temperatures in the 90s in New York and Washington, D.C. while Boston was expected to hit about 100 degrees on July 19.
“The first sustained heat wave of summer 2013 in the Northeast hit this week and electric systems in New England, New York, and across the Mid-Atlantic region are contending with the stress of meeting elevated demand levels for electricity to cool homes and workplaces amid high temperatures and humidity,” EIA reported.
“Daily temperatures in these regions reached highs in the upper 90s. Real-time electric power prices in the New York Independent System Operator area peaked at more than $800 per megawatthour (MWh) on July 17 in New York City,” EIA said.