Episode summary
Heat Wave Threatens Holiday Weekend Festivities; NYC Faces Hottest Day Since 2012 | Bloomberg...
Bloomberg Businessweek Daily
· · 38 min · Hosts: Carol Massar, Tim Stenovec, Norah Mulinda · Guests: Lauren Rosenthal, Robin Wenzel, David Hoffman, Craig Trudell, Randall Williams, Vanessa Perdomo-Maglione
Summary
A dangerous East Coast heat wave drove New York City to its hottest day since 2012, forced utilities to ask customers to cut power use, and sent electricity prices higher across the PJM grid. The host and a Bloomberg weather reporter said the heat dome was trapping warm air over the region, pushing Central Park toward 100F and making it feel closer to 110F because of humidity. The reporter said the grid was under strain, with prices near $2,000 in the prior evening and a low-level emergency in parts of Virginia tied to heavy demand from data centers and air conditioning.
The show then turned to holiday-weekend costs, where a Wells Fargo Agri-Food Institute executive said a summer barbecue for 10 people would cost about $161, up 2.4% from last year. Ground beef was the biggest pressure point, with prices up about 14% and supplies at a 75-year low, while chicken breasts, pork ribs, desserts, and some seasonal fruit offered relative relief. She said beef relief would take time because herds need two to three years to rebuild, with moderation possibly not arriving until 2027.
Later segments covered Sky Zone’s growth strategy and the World Cup’s business impact. Sky Zone’s CEO said families are price-sensitive, so the company is leaning on seasonal passes, membership pricing, and event-driven programming to drive visits. Sports reporters argued that the U.S. is performing better than expected in the tournament, but a red card hurt the team’s chances, while Adidas and jersey demand were seen as winners and Nike supply shortages as a problem.
Key takeaways
- The weather reporter said New York is seeing its hottest day in more than a decade, with humidity making the heat feel even worse.
- PJM power prices spiked to near $2,000 as air conditioning demand and data-center load pushed parts of the grid into emergency conditions.
- A Wells Fargo Agri-Food Institute report put a barbecue for 10 people at about $161, led by record-high ground beef costs.
- The Sky Zone CEO said the company is using a seasonal pass, a $17.76 promotion, and more programming to win budget-conscious families.
- The sports panel said the U.S. team has exceeded expectations, but a red card and Nike jersey shortages are major storylines.
- The food analyst said beef supply relief is unlikely before 2027 because herd rebuilding takes years.
Notable quotes
“New York City is under what's called a heat emergency, which means the official advice from city officials is to turn up the thermostat on your cooling system to 78 degrees”
“we're looking at temperatures above 100° for a really large swath of the East Coast, not just today, but also tomorrow”
“we were uh close to $2,000 yesterday evening as temperatures started to climb and we hit the hottest part of the day”
“the summer barbecue for 10 people will cost about $161”
“we do expect to see some relief, but not until 2027 perhaps as the herds start to come back up”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
Power prices from New York to Virginia surging as sweltering heat threatens to overwhelm US grids and upend travel for the Independence Day holiday. We just talked about some of the outages that are happening in parts of New York. This dangerous heat wave that is trapping over New York City is also trapping people in the city.
For more, I want to bring in Lauren Rosenthal, Bloomberg News weather reporter. She joins us from New York. you know, you go to your bio page on the Bloomberg terminal and you've written so much about this heatwave just in the last couple of days.
Lauren, first I just want to start with an update on what we're hearing from KED, uh, the utility provider here in the city and then broaden out the conversation to a little bit more about the Northeast. So, we did hear that some places uh, in the northern part of the city were without power. What's the latest?
Yeah, there were some cuts to uh homes in the Riverdale neighborhood up in the Bronx while uh crews work on repairs. They've the company's also asked uh about 89,000 customers in the surrounding area uh in City Island, some other parts of the city to cut back on power use. So, don't run washers or dryers.
Try to limit air conditioner use where possible. So, if you have multiple units, like just run one and turn up the thermostat if you can to reduce stress on the system while they make repairs and try to shore up equipment to get through the heat wave.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- heat wave
- power prices
- electric grid demand
- auto deliveries
- backyard bbq trend
Companies and tickers mentioned
- WFC
- TSLA
- RIVN
- F
- Wells Fargo
- Sky Zone
- Tesla
- Rivian
- Ford
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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