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Texas power prices nearly triple to record high as heat bakes state


Added 08-16-19 11:10:07am EST - “Spot power prices in Texas almost tripled to a record high for Friday as the sta...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Texas power prices nearly triple to record high as heat bakes state”. Below is an excerpt from the article.

(Reuters) - Spot power prices in Texas almost tripled to a record high for Friday as the state’s grid operator took emergency measures for a second time this week to keep the lights on as consumers cranked up their air conditioners to escape a heat wave.

High temperatures in Houston hit 100 degrees Fahrenheit (38 Celsius) or more every day from Aug. 7-15 but were expected to ease to a near normal 96 F on Friday, according to AccuWeather.

The Electric Reliability Council of Texas (ERCOT), grid operator for much of the state, called on consumers to conserve energy and issued energy emergency alerts on Tuesday and Thursday after the shutdown of some generation and curtailment of some power lines caused reserves to fall.

Next-day power prices at the ERCOT North hub soared from $265 per megawatt hour (MWh) for Thursday to $751 for Friday, their highest on record, according to Refinitiv data going back to 2010.

On Thursday, real-time prices rose to ERCOT’s $9,000/MWh offer cap for several 15-minute intervals for a second time this week. That was the fourth time prices hit that cap after January 2018, May 30 and Aug. 13.

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