Texas power prices to surge 800% on Sunday amid searing heat

by Naureen S, Malik, Bloomberg | Source: Bloomberg | Posted 08/05/2023

Texas power prices for Sunday surged more than 800% as searing heat pushes demand toward record levels and strains supplies on the state grid.

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High temperatures in Texas have pushed electricity prices to surge more than 800% for Sunday, with prices exceeding $2,500 per megawatt-hour. The grid operator, Electric Reliability Council of Texas (ERCOT), is closely monitoring the situation as the surplus of available power capacity narrows, potentially triggering emergency responses due to high demand.

Most parts of the state are under a heat advisory, with temperatures expected to reach 107F in Dallas. As residents are advised to take precautions against the extreme heat, measures such as activating cooling centers and adjusting cattle herd schedules are being implemented to cope with the high demand for power as usage is expected to hit a record peak in ERCOT.

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Texas power prices to surge 800% on Sunday amid searing heat

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