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September 2 Electricity Update
A blazing heat wave continued to grip the Northeast on Wednesday, leading to more triple-digit heat along the Interstate 95 corridor and record highs throughout the region. Temperatures on Wednesday cracked the century mark from Connecticut to Virginia. Triple-digit heat even expanded southward into central South Carolina. Highs in the 90s were common elsewhere across the Northeast. Only the shores of the eastern Great Lakes and the New England coastline escaped the 90-degree heat, the first signs of relief from this heat wave.
Electricity prices in the Northeast markets continued to climb for Peak power as the heat wave continued to grip the major Northeast cities. Prices cleared in the DA markets near the $300 mark for a few late afternoon hours in most Northeast ISO's. Real-time prices briefly reached the $450 mark around 1-2 p.m. yesterday as the afternoon sun baked the already parched cities of Philly, NYC and Baltimore. DA prices for Thursday cleared just above the $200 mark in most areas and these should begin declining as the grip of triple digit temps break Friday and Saturday. The outlook is for temps to moderate to normal or slightly above normal this next week which should allow for a gradual decline in power prices.