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Energy costs spiked 1000% in NYC yesterday

Written by
Jillian Anthony

You probably braved the storm around rush hour last night, but you may have had no idea it was wreaking havoc on energy costs as well. 

Energy costs in the city skyrocketed from $50 per megawatt to more than $1,000 per megawatt at 3:25pm when the storm began. According to Bloomberg: "The agency that oversees New York’s power system issued an alert in advance of the storm that cut the amount of electricity allowed to be carried across transmission lines feeding the city [because of fear of lightning strikes], energy data provider Genscape Inc. said."

A storm might normally not have much of an effect on costs, but after a five-day heat wave local generators were already up and running to supply extra energy to the city. So, as the rules of finance provide, less supply and higher demand equaled a greater cost. You likely won't see this in your own energy bill cost, but it's a stark reminder to conserve energy when and where you can—even in a heat dome.

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