Intense heat up and down the East Coast has air conditioners cranking and power generators pushing it to the limit. With electricity demand in places like New York flirting with all-time highs, power prices are reaching staggering levels.
"System demand in New York is expected to top out today at 99% of its all-time peak," according the EIA, which also reports power prices on New York's Long Island roughly 1,000 percent higher than normal, in some cases.
"Day-ahead prices for certain peak hours reached above $150/MWh [megawatt hour] in New England, above $250/MWh in New York City and PJM West, and above $300/MWh in Long Island. Usual prices for these areas are $30-$60/MWh," the government agency said in an Energy Market Alert released Thursday.