"Power prices from New York to Virginia are surging as sweltering heat threatens to overwhelm US grids and upend travel for the Independence Day holiday.
Temperatures are expected to breach 100F (38C) across an expansive portion of the East Coast beginning Thursday and extending into the weekend, with the most intense heat settling across Mid-Atlantic states. The heat wave will strain power systems and add to demand pressure that’s been driven in part by the data center boom.
Power prices are already on the rise. In New York City, they climbed above $1,100 per megawatt-hour as of 3:25 p.m. local time, and were expected to climb further into the evening. Across the country’s largest grid, PJM Interconnection LLC, prices jumped to the highest since a historic winter storm swept the East Coast in January.
A recently completed power line designed to bring hydropower from Quebec to New York shut down on Wednesday, adding to the stress on the state’s grid. A spokesman for Hydro-Quebec said crews were working to restore service by as soon as this evening on the Champlain Hudson Power Express transmission line that can deliver as much as 20% of New York’s electricity needs."
Lauren Rosenthal, John Ainger, and Nacha Cattan report for Bloomberg News July 1, 2026.
