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NYC electricity prices spike 1,000%

By: Springfield Business Journal |

A heat wave and thunderstorms Monday caused wholesale electricity prices in New York City to spike 1,000 percent.

The per-megawatt-hour price rose from under $50 to more than $1,042, according to Bloomberg Business.

The sharp increase was caused by concern that storms would create a grid outage, leaving New York’s electrical system unable to power air conditioners expected to remain on through the end of the city’s heat wave on Thursday.

Grid operator New York ISO said Monday’s spike was unlikely to affect billing, but utility provider Con Edison has asked customers to conserve energy and lessen demand on the city’s transmission lines.