As summer heat spikes and air conditioning units flip on across New York's Long Island neighborhoods, the aging electrical grid is struggling to handle the demand. To compensate these local power plants reach across the state and the nation, borrowing juice from places with electricity to spare. But a group of sophisticated Washington, DC traders are capitalizing on this exchange, reaping millions in profit off complex financial instruments known as "congestion contracts" that allow private companies to wager on the nation's recently deregulated electrical grid.
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