Wholesale Electricity Surges in New York as Temperatures Soar
Suzanne DeChillo/The New York Times via Redux
Keeping cool in Times Square.
Keeping cool in Times Square. Photographer: Suzanne DeChillo/The New York Times via Redux
Wholesale electricity jumped in New York as hot, humid weather from Massachusetts to North Carolina prompted homes and businesses to crank up air conditioners.
Spot power in New York City rose to an average of $339.82 a megawatt-hour from 7 a.m. through 3 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 for those peak-demand hours today was priced at an average of $57.34.
The high in New York today was 88 degrees Fahrenheit (32 Celsius), 13 above normal, while Baltimore reached 96, according to the National Weather Service. Humidity in New York may rise as high as 93 percent later today, said AccuWeather Inc. in State College, Pennsylvania.
“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 forecast 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 rose above $100 a megawatt-hour after 7 a.m. with the start of the work day. Electricity use on the grid was 27,685 megawatts as of 4:54 p.m., 8.3 percent above yesterday’s forecast for that time.
“Temperatures are climbing to highs not experienced since last August,” David Flanagan, a spokesman for the New York grid operator, said in an e-mail. Demand response programs were activated to encourage large consumers to reduce consumption during peak hours, he said.
The New York ISO issued a thunderstorm alert to market participants just before 3 p.m., resulting in transmission bottlenecks and bolstering prices, said Brendyn Brooks-Stocking, a Boston-based Northeast power analyst with Genscape Inc., a real-time data power provider.
Today’s spot-market price gains won’t affect bills for Con Ed customers immediately because rates are set by contract, according to Clendenin. The utility has more than 3 million customers in New York City and Westchester County.
New England Prices
Spot power across New England rose to $429 a megawatt-hour at 3 p.m. after averaging $77.79 for the hour ended 2 p.m., based on gains in Connecticut and Western Massachusetts.
The high in Worcester, Massachusetts, may be 79 degrees, 9 above normal. Western Massachusetts power averaged $290.14 megawatt-hour from 10 a.m. to 2 p.m., or six times more than the day-ahead prices for that time, according to data from ISO New England Inc.
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 131,099 as of 4:30 p.m., 6.6 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 $600 in some of the more densely populated areas where transmission bottlenecks aren’t unusual, according to PJM data.
Public Service Enterprise Group (PEG)’s territory in New Jersey averaged $275 a megawatt-hour from 11 a.m. to 4 p.m., after rising to a high today of $451.75. Spot power at the Dominion Resources Inc. zone in Virginia and North Carolina jumped to $601.07 at 4:35 p.m. after averaging $213.38 from 1 p.m. to 4 p.m.
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
Shopping around too tiring? Use smartphone - Yahoo Finance
Melanie Sheridan doesn't do much shopping these days without her smartphone. As a work-at-home mother and the creator of the blog "Mel, A Dramatic Mommy," Sheridan says she relies heavily on her phone to organize her household shopping and keep a close eye on her spending.
"I've been on a serious mission to slash our grocery budget," says Sheridan, who lives with her husband and son in San Diego. "Now that I've got an iPhone, I told my husband it will start paying for itself in terms of savings."
Tech-savvy, price-conscious consumers have hundreds of mobile phone applications to choose from. Sheridan says she's shaved about $50 off her family's monthly grocery bill by using a combination of five different smartphone shopping apps. Sometimes the savings come from something as simple as making a list and sticking to it. But she says the real household budget help comes from smartphone apps for comparing prices.
Apps take legwork out of comparing prices
Amazon Price Check is one of Sheridan's go-to apps for retail items because it allows her to see if better prices are available online while she's shopping in a store. She scans item barcodes with her phone's camera or types product names into the app's search bar to compare the store's prices to those offered by Amazon and its merchants.
ShopSavvy, Google Shopper and eBay's RedLaser are comparison-shopping apps that work in similar fashion but show prices charged for a particular item across the Internet and at other local stores.
If you're having trouble finding a store selling what you're looking for, apps such as Goodzer can help you source almost any consumer item, whether it's available at a chain store or local mom-and-pop shop.
The Consumer Reports Mobile Shopper allows you to instantly compare prices from both online merchants and local brick-and-mortar stores, plus it shows you the product reviews and insights the magazine is known for.
Shop around for a shopping app
The Consumer Reports app has an annual fee, $4.99 a year, while the others mentioned so far are all free. Often, you won't have to open your wallet for a great app that will save you money.
"When it comes to apps, the adage that you get what you pay for is really irrelevant as a litmus test for consumers to decide if they want to install an app," says Ryan Ruud, a digital media expert in Minneapolis who calls Target's free shopping app his "lifeline."
Ruud says plenty of great free smartphone shopping apps are available, often supported by advertising or provided by a particular store hoping you'll shop there. But understand that while a retailer's branded app may offer the latest deals and list-making features, it likely won't tell you if a competitor has a better price. So it's worth shopping around for the right app before you start doing the real shopping around.
To find a quality app, Ruud advises consumers to look at the reviews in an app store. If an app has several hundred reviews or more and the ratings are high, he says it's probably good. Likewise, regular updates for minor fixes are a good sign the app's maker offers ongoing support. If you pick the wrong app, you can always delete it and find another.
Shopping and talking?
Siri, Apple's voice-recognition tool, has been something of a sensation since it was introduced for iPhone last year. Now a number of popular shopping apps advertise the possibility of speaking to your smartphone instead of typing in a product or scanning a barcode to do a price check. Unfortunately, the more cutting-edge you are, the more bugs you're likely to encounter. Voice-controlled shopping apps -- available for both iPhone and Android platforms -- are still in their infancy, with kinks still to be worked out.
Craig Agranoff, a technology reporter and co-founder of Grip'd, a Boca Raton, Fla., company that develops iPhone and iPad apps, says he's not quite sure Siri is a useful mobile shopping tool just yet.
"Voice for product searching seems to be a bit far off for now since you're really hoping that the operating system recognizes what you said properly," says Agranoff. If the voice app doesn't understand you, you'll be back to manually entering product information or scanning the barcode.
But Agranoff points out that the speed of innovation in the mobile-app space is intense, so better voice recognition is coming.
Caution on privacy
While free apps can certainly help you simplify your shopping and save, they also raise some serious questions about consumer privacy, says Aaron Messing, a lawyer who specializes in information privacy issues at OlenderFeldman in Union, N.J.
"If you have a smartphone, it knows everything about you," he says. "Consumers should understand what types of data they will be sharing when they use a particular app."
Read the terms of service before installing any app. Messing says you also need to ask: Will this app have access to my location, pictures, contact book, and voice or text communications? If so, when will it collect that information, and how will the app use it?
Even people who are extremely cautious about their privacy may decide the benefits of smartphone shopping apps are worth giving up some personal information for, he says. All experts stress that whether a shopping app is free or costs you something, it will track your shopping habits because that's often how customized deals are targeted to specific consumers.
More From Bankrate.com
Beds, Sofas and Sectional Sets Arrive at Wholesale Furniture Brokers' Canadian Warehouse - PRWeb
Wholesale Furniture Brokers
Vancouver, BC (PRWEB) May 30, 2012
Wholesale Furniture Brokers' container importing program has expanded with the arrival of new beds, sofas, and sectionals at their Canadian warehouse. "The new stocked products add more choices our Canadian customers can order with shorter shipping times. We're also introducing the products at prices close to our US prices as we're able to save on shipping costs bringing them to our warehouse," says Matt Holmes, Wholesale Furniture Brokers' Marketing Manager. On order are bunk beds, bedroom sets, memory foam mattresses, and sofa sets.
The Mirabel platform bed by True Contemporary is available in queen size and is upholstered in espresso faux leather. It is also designed with double baseball stitching and solid wood legs. The bed retails for $399 in Canada.
The Taylor sofa set by Coaster Company includes a chocolate microfiber sofa and loveseat. A matching chair is also available. The set is constructed with a coil spring cushion and rounded arms with pillow-style padding. The sofa set retails for $899 in Canada and $889 in the US.
The Lodi charcoal sectional sofa by Urban Cali includes a reversible chaise and loveseat. The sectional can be assembled with the chaise on the right or left side. It is designed with solid wood legs. It retails for $849 in Canada and $649 in the US.
The Calgary bunk bed by True Contemporary features twin and full size beds that can be separated into two beds. It is made with solid pine wood and finished in dark oak. It retails for $699 in Canada and $689 in the US.
Wholesale Furniture Brokers has also restocked the Burbank, Sunnyvale, and espresso and black Sacramento sectional sofas at their Canadian warehouse.
On order and expected to arrive in June are the Fraser kids bunk beds, 8", 10", and 12" memory foam mattresses, Divine sofas, and Retro II bedroom sets.
"The products we've been stocking in our Canadian warehouse have been quite popular with our customers due to their value pricing, ability to ship quickly, and free home delivery," states Holmes.
About Wholesale Furniture Brokers
Wholesale Furniture Brokers offers price leading furniture with free shipping to online customers direct from the manufacturers in the USA and Canada. World-class customer service is provided to customers by telephone, email, and chat. Shoppers can choose from a growing collection of traditional, modern, and contemporary furniture styles for inside and outside of the home at Wholesale Furniture Brokers. Consumers do not need to pay a membership fee to buy from Wholesale Furniture Brokers.
Petrol costs: Greening may force retailers to pass on price cuts - BBC News
Transport Secretary Justine Greening has said she will consider legislation to force petrol retailers to pass on cuts in the wholesale price of fuel.
The Department for Transport says pump prices paid by motorists have fallen by just 7p despite a 10p fall in wholesale prices since April.
Ms Greening told the BBC she would consider taking further action to ensure motorists "get a better deal".
But petrol retailers said her remarks showed a "lack of understanding".
Petrol prices have fallen back since hitting record levels in March, when unleaded rose above £1.40 a litre.
'Blurred world'The AA said wholesale costs across northern Europe had dropped more than 16% during May, but petrol retailers had been slow to pass this on to motorists.
Its president, Edmund King, welcomed Ms Greening's comments, saying: "Over the past seven years we have asked governments to act against the blurred world of UK pump prices, which every driver knows shoot up like a rocket and fall like a feather."
A Department for Transport source told the BBC the industry would have a matter of weeks to come up with a voluntary code of conduct to ensure wholesale falls were passed on within a fortnight to the motorist.
But if a scheme could not be agreed, he indicated the government would look at legislation, although the source was unable to say how long that might take.
Ms Greening told the BBC she wanted a voluntary scheme to be agreed.
She said: "That's what we're going to look at first, but if that doesn't work we will look at some of the things other countries have done like Germany, Austria and Denmark, who have taken more mandatory action in this area.
"I'm really determined that motorists get a better deal."
VAT callShadow transport secretary Maria Eagle said: "Petrol stations should be lowering their prices when wholesale costs of fuel fall, and it is unacceptable if they are refusing to do so, especially when they are quick to pass on any increase.
"Ministers must also accept their share of responsibility for eye-wateringly high prices at the pumps thanks to their decision to hike VAT on fuel."
She added: "Ministers should temporarily restore the lower rate of VAT to fuel to give much-needed relief to households feeling the squeeze, as well as acting to ensure price cuts are fully passed on to motorists."
Brian Madderson, chairman of the Retail Motor Industry Federation's petrol division, said: "Suggestions that the falling price of oil and wholesale price movements on the continent should dictate further pump price cuts across the UK by independent forecourt operators is damaging to this struggling sector and shows lack of any real understanding of fuel price mechanisms."
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