Texas Power Prices to Surge 800% on Sunday Amid Searing Heat
August 7, 2023
Texas electricity prices for the grid surged more than 800% to top $2,500/MWh for Sunday evening, up from Saturday’s high of about ~$275, Bloomberg reported, citing data from grid operator ERCOT.
ERCOT said the surplus of available power capacity on the grid relative to power consumption will narrow to 1.6 GW in the hour ending at 6 p.m. Sunday, a level that can trigger emergency responses, although the state’s major grid operator said it can tap additional reserves to meet demand.
Power usage on Sunday is expected to peak at nearly 84.4 GW at around 4 p.m., which would be an all-time high for ERCOT, but power supply problems would be more likely once solar generation starts to wane at sunset.
ERCOT has issued a weather watch for Sunday and Monday “due to forecast higher temperatures, higher demand, and potential lower reserves,” as much of the state bakes under an excessive heat warning; temperatures in Dallas, for example, are expected to hit 107 F.
