Wholesale electricity jumped in New York as hot, humid weather from Massachusetts to Maryland prompted households and businesses to crank up their air conditioners.
Spot power in New York City rose to an average of $706.33 a megawatt-hour for the hour ended at 12 p.m., after soaring as high as $1,647.56 at 10:55 a.m., according to the New York Independent System Operator Inc., which manages the state grid. Electricity traded yesterday for delivery in the 10 a.m.-to-noon period today was priced in the $50-range.
The high in New York today may be 88 degrees Fahrenheit (31 Celsius), 14 above normal, with humidity rising to as high as 87 percent, according to AccuWeather Inc. in State College, Pennsylvania. Baltimore’s high will be 12 above normal at 91 degrees.
“Today’s demand is expected to be up with the heat and humidity, but power supplies are more than adequate to meet that demand,” Michael Clendenin, a spokesman for Consolidated Edison Inc. in New York, said in an e-mail. A cold front expected to move in later today and tomorrow will “bring temperatures back to normal by the end of the week,” he said.
Most power for a given day is purchased the previous day in what is known as the day-ahead market. Spot prices can jump when demand exceeds the amount secured in trading a day earlier.
New York Grid
Hourly prices across the New York state grid have been above $100 a megawatt-hour since 7 a.m., when demand climbed with the start of the work day. Electricity use on the grid was 28,009 megawatts as of noon, 14 percent above yesterday’s forecast for that time.
Thunderstorms predicted for later today may result in transmission disruptions and surging prices at around 3 p.m. to 4 p.m., said Brendyn Brooks-Stocking, a Boston-based Northeast power analyst with Genscape Inc., which tracks real-time data at power plants.
Today’s spot-market price gains won’t affect bills for Con Ed customers, according to Clendenin. The utility has more than three million customers in New York City and Westchester County.
The high in Worcester, Massachusetts, may be 83 degrees, 13 above normal.
Spot power across New England was $205.81 a megawatt-hour as of 12:40 p.m., based on gains in Connecticut and Western Massachusetts, compared with the day-ahead price of $43.74 for the grid, according to the region’s grid operator. Electricity on the grid averaged $151.65 from 9 a.m. to 11 a.m., according to data from ISO New England Inc.
Mid-Atlantic
Demand on the mid-Atlantic grid operated by PJM Interconnection LLC, which spans 13 states from New Jersey to North Carolina and as far west as Illinois, was 120,911 megawatts as of 11:30 a.m., 4.8 percent more than the day-ahead forecast.
Prices have traded from lows that were mostly in the $20s and $30s per megawatt-hour to more than $400 in some of the more densely populated areas where transmission bottlenecks aren’t unusual, according to PJM data.
Public Service Enterprise Group (PEG) (PEG)’s territory in New Jersey averaged $278.58 a megawatt-hour for the hour ended at noon, after rising to a high today of $451.75. Spot power at Baltimore Gas & Electric Co.’s zone in Maryland averaged $314.68 for the same hour after rising as high as $431.58. Day-ahead prices were in the high $40s for both areas.
To contact the reporter on this story: Naureen S. Malik in New York at nmalik28@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
DFA offices in shopping centers to follow mall hours - gmanetwork.com
US wholesale prices fell 0.2 percent in April - Yahoo Finance
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Yahoo! - ABC News Network
Masterplan will boost shopping centre trade - Grimsby Telegraph
A MAJOR retailer is waiting for the opportunity to set up shop in Grimsby, according to a report.
Repositioning the town's bus station could allow for the expansion of Freshney Place shopping precinct and create a further eight outlets.
Precinct owners Grosvenor said they supported the masterplan for the area because it would boost trade.
Nearly 40 per cent of the shoppers heading to Freshney Place shopping centre come by bus, according to the precinct's owners.
Grosvenor's projects director, Simon Armstrong, said his firm supported North East Lincolnshire Council's bid for funding because it would bring in further investment and shoppers.
Mr Armstrong said: "At present, the bus station provides a hostile environment for pedestrian shoppers at the western end of the shopping centre and the proposals to upgrade the quality of the public realm and pedestrian amenities are welcomed."
He said his firm was committed to bringing further investment to Grimsby following relocation of the bus station, adding: "Our initial studies suggest there is potential to create a large new store of about 70,000 sq ft and stimulate an investment of £12 million with the creation of 100 jobs.
"In setting out our support for these proposals, we would emphasise the need for a high-quality replacement bus facility."
The new bus station would have to be convenient and provide easy access to the shopping centre, he said.
North East Lincolnshire Council's head of development, Jason Longhurst, said: "This successful bid, alongside the significant benefits for public transport and enabling access to employment, further provides the opportunity to expand the retail offer in Grimsby town centre, as we know that Grosvenor, the owners of Freshney Place, are keen to extend.
"The bid was prepared in partnership with our regeneration partner Balfour Beatty and a number of local businesses and community groups.
"This funding will allow us to make significant improvements to the public and sustainable transport networks, which will help to encourage development, create jobs and improve levels of accessibility."
What do you think?
E-mail your thoughts to viewpoint@grimsbytelegraph.co.uk
Costco’s Target Boosted at JP Morgan (COST) - NASDAQ
Membership warehouse operator Costco Wholesale Corporation ( COST ) on Tuesday caught some positive commentary from analysts at JP Morgan.
The firm maintained its "Overweight" rating on COST and lifted its price target from $94 to $96. That new target suggests a nearly 14% upside to the stock's Friday closing price of $84.48.
Last week, analysts at Goldman Sachs made a similar move on COST.
Costco shares were mostly flat in premarket trading Tuesday.
The Bottom Line
Shares of Costco ( COST ) have a 1.30% dividend yield, based on Friday's closing stock price of $$84.48. The stock has technical support in the $79-$80 price area. If the shares can firm up, we see overhead resistance around the $87-$88 price levels.
Costco Wholesale Corporation ( COST ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .
Kenya: Nairobi blast 'caused by bomb' - BBC News
A blast at a shopping complex in Kenya's capital, Nairobi, that injured 33 people on Monday was caused by an explosive device, the police have said.
There had been confusion over its cause - officers first blamed it on an electrical fault, but the prime minister said it had a terrorist link.
Police now say they are hunting for two male suspects one of whom may be a German or Turkish national.
The police spokesman said one suspect may have entered Kenya from Somalia.
The militant group al-Shabab has repeatedly threatened to stage revenge attacks after Kenya sent troops to Somalia in October 2011.
In recent months, al-Shabab has claimed responsibility for a string of grenade and bomb blasts across Kenya, that have killed several people.
Monday's explosion tore apart a shopping centre on Moi Avenue at lunchtime.
One witness said a bag was abandoned next to her just before the explosion.
In Tuesday's statement, Kenya police spokesman Eric Kiraithe said the blast was "caused by an improvised explosive device planted in the building by criminal elements".
"The team has been able to recover several materials from the scene of the explosion which has been sent for forensic analysis to determine the composition of the explosive and its method of initiation," he said.
Mr Kiraithe appealed for the public to come forward with information and said one of the suspects may have entered Kenya through the border town of Garissa.
Prime Minister Raila Odinga visited the bomb site on Monday and said it the explosion had been a "heinous act of terrorism".
"We are under threat, but we will not be cowed," he said.
Earlier this year, the African Union force backing Somalia's interim government was boosted from 12,000 troops to nearly 18,000 to incorporate Kenyan troops which entered Somalia last October in pursuit of al-Shabab militants.
They accuse the Islamist fighters of being behind various kidnappings on Kenyan soil and of destabilising the border region.
Our culture of consumption glorifies compulsive shopping. It is time to treat the shopaholic like any other addict - Daily Mail
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Shopaholic. Even the word itself sounds faintly ridiculous, doesn’t it? It is a word frequently bandied affectionately by the most generous husband about a wife who has been on a spree, for as we all know it is usually women who feel most compelled to shop till they drop, don’t we?
It is a word which carries no particular stigma in our buy-with-one-click age of pile-it-high, throwaway fashion, next-day delivery and celebrity-endorsed and media-fuelled clamour for the next, must-have handbag, to-die-for designer sunglasses, or perfect pair of shoes. To say nothing of the coolest designer gadgets and top of the range tech which is practically obsolete the minute you take it out of the immaculate packaging and plug it in.
Consumer culture: Boxing Day sales crowds at the vast Westfield Stratford shopping centre
Yet compulsive shopping, or oniomania, to use its medical name, is as potentially devastating for the individual and their family as alcoholism, compulsive gambling or other addictions such as anorexia and related eating disorders, with which it shares many characteristics.
Aggravated by the rampant consumerism of the last decades, the problem is on the rise and I suspect we are now finally going to have to stop poking fun at the shopaholics and take their problem seriously.
Compulsive shoppers suffer from an inexplicable preoccupation with shopping and spending. They are generally thought to get a dopamine-related high or hit from their purchases. Yet few are ever even used or worn and, once they have their booty home, the post-purchase shopper often collapses in self-recrimination and anxiety about how they are going to pay for their next fix. Around 5.8 per cent of British adults are thought to be affected and cases are on the rise.
Treatment: Scientists have discovered that an Alzheimer's drug can help allay some symptoms of shopaholics
Now, psychiatrists have established that a drug called memantine, originally designed for patients with Alzheimers, may have a significant benefit for shopaholics. Clinical tests have shown improvement in many key symptoms, such as impulsive buying, anxiety and improvements in brain function linked to the impulsive urges and behaviour.
Speaking as someone who has witnessed the pernicious effects of a shopping addiction from extremely close quarters, I am pleased to hear about this breakthrough and equally glad to see the problem being treated seriously for a change, instead of being seen as a bit of a joke and used as a faintly misogynistic put-down.
What worries me is how and why we seem suddenly to be seeing so many cases of this kind of extreme addiction, from apparently simple shopping to the kind of horrific eating disorder which trapped 63 stone teenager Georgia Davis in her own home. Prescribing dementia medication to compulsive shoppers may indeed help, but aren't we simply replacing one addiction with another?
Shopaholic: Star Thompson, who spends 1,000 a week on clothes
Last week, the Daily Mail reported on another 19 year old, Star Thompson, from Wakefield, who had turned to glamour modelling and escort work to support her out of control shopping habit. The teenager spends 1,000 per week on clothes, although she already has wardrobes full of unworn garments, including 200 bras and 15 pairs of 250 Ugg boots.
She was recently given an extraordinary 6,000 as a birthday gift by her family, but she had spent 4,000 of the windfall within hours. 'You only live once', said Star, showing off her crammed cupboards to a tabloid newspaper. True, but what kind of a life can this really be?
Miss Thompson readily admitted that her shopping and spending makes her 'feel better'. Yet like every addict, it seems that she is caught in a tragic cycle of euphoric highs and guilt-ridden lows. Compulsive shopping is reportedly highly addictive, given that the rush and satisfaction of the purchase can disappear as soon as they leave the shop, meaning that they need to make yet another impulsive purchase or locate another trophy buy or bargain to maintain their good mood.
Extraordinarily, the problem was first documented more than 100 years ago but has only been seriously identified and acknowledged as a valid subject for psychiatric research in the last 15 years. Hardly a surprise when you consider the tandem rise of ever-multiplying possibilities for us to buy a whole new range of things we don’t really need and can often barely afford. We can now all shop in ever bigger mega-malls, we can shop on-line, we can even watch television shopping channels all through the night and we can now pay for it all with a swish of our smart phones.
Our culture revolves around consumption. Despite our straitened economic times, we are still surrounded, 24/7, by potent and relentless marketing and advertising which promotes impossibly high material aspirations, creating utterly artificial wants and needs, making young women like Star Thompson feel she is not valid or worthy if she does not possess a particular pair of shoes.
Perhaps Miss Thompson would respond well to the proposed new treatment with Alzheimers medication? She certainly needs some sort of intervention, not least from her parents who appear to be content, and certainly wealthy enough, to continue to underwrite her addiction. But for how much longer?
The sooner the Thompsons, and the rest of society, recognise that shopping in this way and on this scale constitutes a serious psychological problem, the sooner the sufferers will get the help they so clearly need.
Shopping for land - Leicester Mercury
Fosse Park has expressed an interest in expanding onto the Everards Brewery site, situated next to the shopping centre.
The brewery plans to relocate from its Castle Acres site adjacent Fosse Park to nearby land it already owns, close to the Leicestershire Police HQ in Enderby.
Last year, bosses announced a proposal to create an 11-acre food and drink park at the new site and sell its existing 12-acre facility. They hope to receive tens of millions of pounds from the sale.
Stephen Gould, Everards' managing director, said: "The current owners of Fosse Park have approached us. We have kept them up to date. We have always had an open dialogue with them
"There's active interest in the site from a number of parties, mainly from retailers. However, at no stage have we put the site formally on the market.
"It's being handled very sensitively and we are consulting widely."
The 12-acre Castle Acre site is to the south of the shopping park, between Braunstone and junction 21 of the M1. Fosse Park, which opened in 1989, is the UK's leading out-of-town shopping centre. It contains 40 shops over 37 acres and attracts 12 million visitors a year. It is currently owned by a group of Irish investors.
The then owners of Fosse Park signed a special agreement with Everards Brewery more than 10 years ago giving the shopping centre first option to buy the Everards site.
This agreement was not renewed after a deadline was reached. However, the park's current owners are still thought to be interested.
Fosse Park manager Adrian Young declined to comment and its owners could not be contacted.
Everards plan to occupy five acres of the food and drink park and offer the remainder to other businesses. The site would also contain a visitor centre.
Mr Gould said if the development was approved by Blaby District Council, work could commence by the end of the year.
Mr Gould announced Everards made a pre-tax profit of £2.47 million in the year to September 24, 2011, down £1.44 million on last year. The fall reflected one-off profit gains of £1.6 million made last year from the sale of property and the closure of its final-salary scheme.
The company said a 6.1 per cent rise in operating profit to £3.93 million over the same period better reflected day-to-day trading. Turnover was down 2.5 per cent to £28.2 million. The company, founded in 1849, employs 106 people and runs 176 pubs.
Financial crisis: UK can't afford its shopping addiction anymore - Daily Telegraph
It did at one point cross my mind, clutching my three-for-two Christmas ribbon and Per Una underwear on my way to the wine section, that even with 20 per cent off the price of things, that still left 80 per cent to pay.
No matter; I stayed and queued and saved the grand total of £12.50.
When was it that shopping did become a leisure activity, taking over from family, sport, religion, dogs and loafing around with a book as the way people spend their time? More to the point, why did it?
The author Neil Borman, whose book Bonfire of the Brands documented his flight from brand addiction, has released a spoof film about indiscriminate shopping, The Good Consumer.
The voiceover at the start of it declares: "The good consumer is always buying new products. When he is not buying, he is earning money so that he can fund his consumption, or looking for purchases that he can make in future."
Yes, it's heavy handed. But it doesn't feel like a spoof so much as a sober account of the condition of England, recession or not.
A few weeks ago, the retail sector raised a couple of fingers to the credit crunch with the opening of the Westfield shopping centre: two miles worth of expensive shops in a part of London previously known for its proximity to Wormwood Scrubs prison.
The opening was a riot. Another two multi-billion-pound shopping projects kicked off this year – at Liverpool One and Bristol's Cabot Circus – on top of 10 rather smaller shopping-centre openings elsewhere.
And the retail spread is not stopping any time soon; the Westfield developers will be opening another shopping centre on the same scale in Stratford, East London, in 2012.
The recession has clipped our wings, but we're still buying things – although more and more of it is from Primark and Aldi.
Where does it come from, this almost hormonal drive to go shopping, to buy and own more things? Why do we do it?
Men hate it. Children hate it. The shoppers you see in department stores don't give any discernible sign that they're enjoying themselves – bookshops apart. There's something dead around the eyes.
But families will still take themselves off to Bluewater to spend their day of rest – theirs, if not the assistants'.
And if wandering from WH Smith to Scribblers to Boots to Debenham's makes them look like zombies, a working definition of hell would be the shopping centre Christmas sales.
Women queue up at five in the morning to save 50 quid at the Brent Cross Next sales. Why?
The social psychiatrist Oliver James, in his book, Affluenza, squarely attributed much of the high rates of mental illness in Britain and the US to consumerism.
"The Affluenza virus," he says, "is a set of values which increase our vulnerability to psychological distress: placing a high value on acquiring money and possessions... My explanation... is that the virus promotes Having over Being and the confusion (through advertising) of wants with needs."
It wasn't always thus, you know; shopping isn't part of the human condition.
The other week, I was in Walsingham in Norfolk, famous for its shrine to the Virgin Mary. We pottered around the shops after church and before the pub opened – but, this being Sunday, most shops were shut.
And as we browsed the teddy hospital for reclaimed bears and the children's charity shop and the little retail section at the entrance to the priory – three packs of Christmas cards for a pound! – it dawned on me what was missing.
There weren't any chain stores; all the shops appeared to be independent or at least without identical branches in London, Glasgow and Manchester.
The retail equivalent of the M&S discount day will be tomorrow when the Catholic church holds its Christmas (sorry, Advent) Bazaar and the going price for most things will be around two quid.
But then in Walsingham, there is a life that doesn't revolve around shopping: you've got religion, riding, pubs to go to, walks to go on, Women's Institute meetings to attend. Lots of places were once like that.
Funny; it crossed my mind then that the super-luxe section of shops in Westfield is called The Village. Except that village is a parody of the real one.
Tamasin Doe, the former fashion director of Instyle magazine, pinpoints the start of shopaholicism around 25 years ago, during the Eighties, when shopping malls, which had already been around for a decade, began to spread and become a place for the young to hang out. The malls stimulated the collective shopping gland.
"You began," she said, "to be defined by how you shop, and everything else was depleted by it. Everything was defined by acquisition. Shopping became a way to recreate yourself."
The fashion cycle shortened; built-in redundancy became the essence of it, at least for women. The rise of low-cost production in China meant it became cheaper to buy new manufactured goods than to have the old ones repaired.
In fact, for some durables, such as computers, it wasn't actually possible to fix old models; they had to be replaced.
Politics came into it too, notably the 1994 Sunday Shopping Act, which lifted the curbs on Sabbath trading.
It had conscience clauses to prevent people being forced to work on the day of rest, but if you want to hear a not very nice laugh, ask your department-store manicurist or perfume saleswoman whether she can turn down work on Sunday.
At the same time, we got the cult of celebrity. Obviously, there have been pin-ups for the masses – society beauties and cult actors – for well over a century.
But Hello!-style celebdom, being famous for nothing at all, is a comparatively recent phenomenon.
And what celebrities do is shop and be seen to shop and give their endorsement to products that the rest of us can shop for. It's hard to think of images of Wayne Rooney's wife, Colleen, without armfuls of carrier bags.
The symbol and apex of the trend were the It Bags – big, phenomenally ugly handbags that cost from about £300 to £1,500 and had a life cycle of about six months.
Once Britain took to consumerism, it went all the way. Over the past 20 years, the retail sector absorbed 88 million square feet of new space – the equivalent, for those who think in terms of football pitches, of 1,200 of them.
Obviously, you can't have a shopping habit without paying for it – eventually. Because of the liberalisation of credit over the past couple of decades, personal indebtedness is higher in Britain than anywhere in Europe: consumer debt totals £1.5 trillion.
There was a time when, if you wanted to buy something, you had to save up for it. Ten years ago that was seen as almost risibly quaint. Now it looks like rather a sensible thing to do. The demutualisation of the building societies added to the problem.
Don't think I'm being snooty about all this. I was right in there and the upshot in my case is that I have, oh, six credit cards, which cost more to maintain than the baby.
Plainly, the recession has changed things. But only up to a point. One retail analyst, Verdict, estimates that retail-sector growth will fall to 2.4 per cent in 2008 – but that's after 10 years during which average annual growth was about four per cent.
Of the £228 billion we're likely to spend in the shops this year, an estimated £128 million is classed as non-essential, indulgence spending. Even if there's a fall in spending, it's from a very, very high base.
What's the solution? Well, how about going with the grain of the recession, of making do and mending? How about not shopping on Sundays?
Keeping perfectly good clothes even when the fashion roundabout has moved on? Spending time with the family at home? Saving up to buy things?
At the end of all this, we may come to remember that we're more than the sum of our possessions. And that would be a good thing.
Take pleasure from the things you have rather than yearning for things you have not. Be the ad- man's nightmare 'a self confident human being.
- ron, Cumbria, 30/5/2012 03:09
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