Heat wave sparks price surge in the East

Power prices are rising along with the temperatures in much of the East.

The Mid-Atlantic, New York City and New England all recorded spot power prices in excess of $100/MWh, according to the July 16 daily price report published by the Energy Information Administration (EIA).

The Mid-Atlantic recorded the highest spot power price at $117.65, followed by New England at $115.17 and New York City at $104.97. The New England spot price was 49% higher than the price recorded the prior trading day.

New York was expected to hit 99 degrees on July 16; Boston high is forecast to be 90 degrees and Washington, D.C. was expected a high of 95 degrees.

Compared to the large eastern hubs, power was relatively cheap in California where both Northern California and Southern California recorded spot prices below $45.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.