Dive Brief:
- Cold weather Wednesday in New York drove demand past anticipated load, spiking real-time power prices on Long Island above $1,000/MWh, according to data from the ISO.
- Despite that, NYISO has said it is prepared for winter and anticipates a peak load demand of 24,737 for the season, below last winter’s peak, when polar vortex conditions produced a record-setting winter peak load of 25,738 MW in January.
- However, the operator warned colder temperatures, in the 5 to 6 Fahrenheit-range, could raise peak demand across the state to approximately 26,300 MW.
Dive Insight:
Power prices in the NYISO Long Island territory spiked on Dec. 10, rising to around $1,100/MWh as temperatures dropped. According to Platts, NYISO demand reached almost 20,500 MW around the time of the price spike, exceeding the forecast load by about 845 MW.
Still, the grid operator expects to weather the season reasonably well, especially following the Polar Vortex events of last winter stressed the system.
“Last winter, as much of the country dealt with frigid temperatures from polar vortex events, New York’s
electricity use set a new record winter peak,” said NYISO President and CEO Stephen Whitley said recently in an assessment of the system's capacity. “We continue to work with our regulators and stakeholders on fuel assurance initiatives, operational measures and potential improvements to our market design that will address the growing reliance on natural gas and strengthen grid reliability and market efficiency.”
