A punishing heat wave hit New Yorkers with a one-two punch this week: record-breaking temperatures and soaring energy bills. As thermometers climbed to 102°F this week, wholesale electricity prices exploded by 20X, triggering large bill increases for millions of residents across the state.

• The state average hourly energy price jumped 20X on Monday within a few hours as temperatures spiked and New Yorkers turned on their AC.
• This week’s heat wave alone is projected to push average energy bills over $200 for the month of June – a 33% increase from May.
• Long Islanders had it worst where prices peaked Monday night at a staggering $900 per megawatt-hour. New York City was a close second, hitting $829.

‍

‍

The June 2025 heat wave has sent electricity demand surging by 67% across the state compared to normal conditions, as air conditioners work overtime to combat the oppressive heat. That jump in demand has pushed wholesale statewide energy prices from an average of $34 per megawatt-hour hourly rate to a staggering $611 during peak evening demand on Monday. In New York City peak prices hit $829 and in Long Island they reached $900. These 20X cost increases are being passed directly onto consumers.

For the average New York household, this has real consequences: a typical $150 May energy bill is projected to jump to $200 in June — a 33% increase during an already expensive summer season.

"In a heatwave like this, cooling is lifesaving," said Deep Sky Research Climate Data Scientist Max Dugan-Knight. "When wholesale prices spike this dramatically, every single consumer feels it in their monthly bill."

During intense heatwaves like this there is a very strong, direct relationship between temperature and energy prices, which will only grow more pronounced as climate change brings more frequent and intense heat waves.

As of 1:15 PM on June 25, real-time wholesale electricity prices continue to soar across New York State. Long Island residents are facing the steepest costs at $201.17 per megawatt-hour — more than 5 times normal rates — while NYC hovers at $129.10. Even upstate regions, typically insulated from the worst price spikes, are seeing rates exceed $100/MWh.

Data based on real-time NYISO market analysis, June 2025