New York electricity prices soar as high temperatures put a heavy burden on the US power grid.

Electricity prices from New York to Virginia are skyrocketing as continued heat threatens the U.S. power grid, potentially impacting travel plans for the Independence Day holiday. It is expected that temperatures will exceed 100 degrees Fahrenheit in large parts of the East Coast starting from Thursday and continuing through the weekend, with the most intense heat concentrated in the Mid-Atlantic states. This heat wave will exacerbate the strain on the power system and further increase demand pressure, partially due to a surge in data center usage. Currently, electricity prices have already started to rise. As of Wednesday afternoon at 3:25 PM local time, electricity prices in New York City have surpassed $1,100 per megawatt-hour, with further increases expected in the evening. In the system of the largest electricity grid operator in the U.S., PJM Interconnection, prices have surged to the highest level since the historic blizzard hit the East Coast in January. On Wednesday, a transmission line intended to bring hydroelectric power from Quebec to New York had just been completed but is now out of service, further straining the state's power grid. A spokesperson for Hydro-Quebec stated that efforts are being made to resume operations as soon as possible that night, as the Champlain-Hudson Power Express line can meet about 20% of New York's power needs.