Most power used on a given day is secured in the day-ahead market. Demand was recently coming in about 5% above those forecasts. So spot prices are also strong, averaging about $200 since 7 a.m. and briefly spiking to almost $948, according to the New York Independent System Operator website.
New York City electricity costs took off to a four-year high as the coldest day up to this winter spurs heating demand and natural petrol costs rise. The average cost for on-top power on Tuesday bounced 36% to $222.97 a megawatt-hour, the most noteworthy since Jan. 5, 2018, as indicated to grid information accumulated by MCG Energy Solutions. The cost for natural gas, the main power-plant fuel in the state, was the most noteworthy for this time of year beginning around 2017.
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