Power grid operators across the eastern United States are taking emergency measures as a severe heatwave pushes demand to record levels and wholesale electricity prices skyrocket. Grid managers are directing power plants to maximize electricity generation to avert potential outages. The strain on the system is evident as consumers significantly increase air conditioner usage to cope with the extreme temperatures.
Real-time electricity prices have seen dramatic increases. In Boston, prices exceeded $400 per megawatt hour (MWh), a stark contrast to earlier prices below $50 per MWh. New York City experienced similarly high prices, peaking above $600 per MWh in the evening. This surge indicates a critical tightening of energy supplies in major urban areas.
The heatwave’s impact is also being felt by consumers. Con Edison, a major utility serving New York, reported power outages affecting thousands of customers. While some power has been restored to approximately 1,600 customers in Queens, over 6,200 homes and businesses remain without electricity. Meteorologists predict record-breaking temperatures in New York City, potentially reaching 98 degrees Fahrenheit, surpassing the 137-year record.
To manage the increased demand, PJM Interconnection, serving a substantial portion of the US population, and MISO, covering the Midwest, have issued alerts to generators, urging them to operate at full capacity. PJM anticipates peak power demand to reach 160,000 megawatts, highlighting the extraordinary strain on the electrical infrastructure. These alerts also signal potential limitations on power exports to neighboring regions. Next-day power prices in Pennsylvania jumped over 430%, reaching approximately $211 per MWh, the highest levels seen in months. The situation is expected to improve as temperatures are forecast to cool starting Wednesday.
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