Blistering New York Heat Sends Electricity Demand to Annual High

(Bloomberg) -- New Yorkers are cranking up air conditioners, driving up electricity demand to the highest so far this year.

With temperatures climbing toward 93 degrees Fahrenheit (34 Celsius) in New York City, demand for electricity is forecast to reach 30,400 megawatts, according to the state’s grid operator. That would exceed demand from July 20 and 21, which were the hottest days of the year but had lower power use because they fell on a weekend when offices and factories were idle.

Wholesale power prices in New York City nearly doubled to $62.57 a megawatt-hour at 1:20 p.m. local time, the highest since Feb. 25, according to Genscape data. Power in New England, also under a heat advisory, jumped 41% to $51.45 a megawatt-hour.

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