It’s a hot day in New England, with temperatures as I write over 90°F. Air conditioners are running hard, and the regional grid is at full tilt.
To supply the needed electricity, utilities and independent power producers are turning on their “peaker” power plants—facilities that sit idle most of the time, and only get used during periods of high demand. These power plants are extremely expensive, and when they are called into action regional spot-market wholesale electricity prices skyrocket.
I checked the wholesale prices five minutes ago. The screen grab below shows that the current price is over 87 cents per kWh! Read more