New York, Baltimore Power Prices Soar on Threat of Deeper Chill

Power prices in New York City and other major population centers are surging to unprecedented heights as a record-setting cold spell threatens to intensify in coming days.

A reinforcing shot of polar air will likely push temperatures in the US East as much as 30F (-17C) below normal beginning Friday, while a “bomb cyclone” threatens coastal cities with another round of heavy snow late in the week.

Power prices in Baltimore and Washington DC rose to more than $4,000 a megawatt-hour amid a grid emergency on Tuesday. Next-day prices for New York City jumped31%, breaking records for ...