Texas power grid holds up during string of 100-degree days

by Naureen S. Malik, Bloomberg | Source: Yahoo Finance | Posted 08/06/2023

A narrow surplus on Sunday could have triggered emergency conditions. Power prices jumped to as much as $2,500/MWh in the day-ahead market.

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(Bloomberg) -- With temperatures soaring in Texas, the state's power grid is holding up well, experiencing record electricity consumption but still maintaining sufficient supply. The Electric Reliability Council of Texas (ERCOT) assured that power supplies would meet demand, despite initial concerns over tight conditions that had caused a spike in power prices, reaching up to $2,500 per megawatt-hour.

While demand for electricity reached record levels in Texas, ERCOT's forecasts were later revised downwards for peak consumption, with expectations of approximately 82 gigawatts on Sunday evening. This summer marks the first time that peak consumption on the hottest days cannot be solely met by traditional fossil fuel plants, with renewable energy sources playing a significant role in maintaining grid stability amidst the high demand and extreme weather conditions.

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Source Link: https://finance.yahoo.com/news/texas-power-grid-holds-during-222939315.html

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Texas power grid holds up during string of 100-degree days

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