With winter flexing muscle, NYC power prices hit $71/MWh

With weather forecasts in the Eastern half of the nation tossing around terms like “bitterly cold” and “dangerously cold,” spot power prices in New York City hit $71.02/MWh, according to figures posted by the Energy Information Administration (EIA) on Jan. 19.

The New York City spot price was 115% higher than the previous reported daily price. In addition, spot power prices were up throughout the Northeast and Mid-Atlantic. New England recorded a spot power price of $55.14/MWh and the Mid-Atlantic posted a price of $46.27/MWh.

New York was expecting to see a high of 26 degrees on Jan. 19, with winds gusting between 20-and-40 miles per hour. There was a similar forecast for Boston (24-degree high with 48 mph wind gusts possible) and Washington, D.C. (26-degree high with 31-mph wind gusts).

All three East Coast cities could see significant snow this weekend, according to the National Weather Service.

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.