Tuesday, July 26, 2016, 4:07 PM – Days of extreme heat in New York City followed by a thunderstorm threat caused electricity prices to spike 1000 per cent in the city Monday afternoon.
At 2:30 p.m., temperatures in the city were around 32C and the price for electricity was $94 per megawatt hour.
By 3:30 p.m., thunderstorm warnings had been issued. That was enough to cause the price to jump to $1,042 per hour, Bloomberg News reports.
The spike was caused by the potential for lightning to take out transmission lines or generators.
While the price jump is impressive, state officials say it likely won’t impact electricity bills. That’s because spot prices are mostly used to indicate usage trends, and not how customers will be charged.
Still — air conditioners have been blasting for days in the city, prompting power utility Con Edison to ask thousands of residents to conserve energy amid the heat.
More thunderstorms are in the forecast in the city around the end of the week.
(Imagine the impact with Climate Change driving the frequency and intensity of storms. This comment is for everywhere on the globe. Art)