U.S. heat wave drives spot power prices up 243% in New England, 101% in New York City, EIA data shows

According to CNBC, a prolonged heat wave across the central and eastern U.S. is expected to continue into the Independence Day weekend, with temperatures up to 105 degrees Fahrenheit forecast by the National Weather Service. Wholesale spot electricity prices jumped more than 243% in New England and 101% in New York City on Thursday, based on U.S. Energy Information Administration data, while prices rose nearly 55% in the Midwest and 45.6% in the Mid-Atlantic as air-conditioning demand surged. New York City Mayor Zohran Mamdani urged residents to reduce strain on the grid by setting air conditioning to 78 degrees Fahrenheit and shifting appliance use to early morning or late at night. Travel disruptions are also expected: Amtrak said trains may run at reduced speeds and face delays between 11 a.m. and 7 p.m. through July 4, New Jersey Transit warned of delays and cancellations into New York, and Delta Air Lines said it would waive change fees for journeys through New York’s LaGuardia Airport this week due to hot weather.