Spot wholesale electricity surged across the New York state grid as demand topped forecasts while an unplanned shutdown of a high-voltage line reduced supplies.
Prices jumped eightfold after the 345-kilovolt Homer City-Stolle transmission line that brings power from Pennsylvania into southwestern New York experienced a forced outage over the weekend, according to New York Independent System Operator Inc.’s website.
Power demand in Manhattan and its four neighboring boroughs was 7,600 megawatts at 10:35 a.m., 0.9 percent above the day-ahead forecast for the hour, data show from the NYISO. The high temperature in Central Park today may be 76 degrees Fahrenheit (24 Celsius), 9 above normal, according to AccuWeather Inc. in State College, Pennsylvania.
The unplanned shutdown of the Homer City-Stolle transmission line is contributing to supply bottlenecks in western New York, said Matthew Oatway, a Boston-based analyst with Genscape Inc., which tracks power data. “That is impacting the rest of the state,” he said.
Spot prices in New York City climbed to an average of $88.79 a megawatt-hour during the hour ended at 10 a.m. from $35.19 during the same hour on Oct. 4, grid data compiled by Bloomberg showed. The West zone surged to $125.02 from an average of $30.16.
On-peak power for New York City flipped to a discount of $12.10 versus the West zone after averaging at a premium of $10.36 on Oct. 4.
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