- August 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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Texas Power Prices Surge as Heatwave Pushes Demand to Record Levels
(Bloomberg) — Texas power prices for Sunday have skyrocketed by more than 800% as extreme heat drives demand towards unprecedented levels and strains the state grid’s supplies.
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Electricity prices for the grid have surged to more than $2,500 per megawatt-hour for Sunday evening, a significant escalation compared to Saturday’s peak of approximately $275, as reported by the Electric Reliability Council of Texas (ERCOT), responsible for managing the grid. The hour ending at 6 p.m. Sunday is anticipated to witness a decline in available power capacity to 1.6 gigawatts, a level that can trigger emergency responses. However, ERCOT possesses additional reserves that can be tapped into to meet the surging demand.
Read more: Texas Grid Keeps Power on With Aid of Alerts When Demand Soars
In anticipation of the weather conditions on Sunday and Monday, ERCOT has issued a weather watch due to higher temperatures, expected increased demand, and potentially lower reserves. This proactive approach by ERCOT demonstrates their commitment to closely monitoring the situation and ensuring the grid’s reliability.
Most parts of the state are under a heat advisory, with large areas being subjected to an excessive heat warning, as confirmed by the National Weather Service. In Dallas, temperatures are projected to reach 107F (42C) on Sunday afternoon, with a heat index of 111, marking the second consecutive day of scorching heat.
While Texans carry on with their daily activities, state officials have advised residents to take precautions to mitigate the risks posed by extreme heat. In response, Dallas is activating temporary cooling centers on Sunday, while Fort Worth authorities have reduced the city’s twice-daily cattle herd to minimize heat-related disruptions.
Power usage on Sunday is expected to reach a peak of approximately 84.4 gigawatts at around 4 p.m., an all-time high for ERCOT. However, the real tightening of supplies is expected to occur later when solar generation diminishes at sunset.
–With assistance from Julie Fine.
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