Texas Power Prices Surge 6,000% as Grid Operator Asks Residents to Reduce Energy Usage Due to ‘Low Wind Generation’

[Bossman]

Earlier this week Texas grid operator ERCOT (Electric Reliability Council of Texas) asked residents to reduce energy usage amid a sweltering heat wave to avoid rolling blackouts.

ERCOT manages electric power to more than 26 million Texas customers and represents 90% of the state's electric load, according to the company.

Temperatures soared to 115+ degrees with the heat index in parts of Texas on Thursday amid an excessive heat warning.

ERCOT issued the voluntary conservation notice due to extreme temperatures, forecasted high demand and lower reserves due to low wind generation.

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The wind turbines aren't producing enough energy.

Texas electricity prices surged 6,000% and are climbing toward the $5,000 price cap, according to data from ERCOT.

Business Insider reported:

Texas power prices soared 6,000% on Thursday as a fresh heat wave is expected to shatter temperature records in the coming days.

Spot electricity prices jumped to $4,750 per megawatt-hour Thursday afternoon from the average of $75 on Wednesday afternoon, according to data from grid operator Electric Reliability Council of Texas (ERCOT) cited by Bloomberg.

At that level, prices neared the $5,000 cap and represented the highest in more than five weeks, the report said.

The price spike came as an excessive heat warning was issued for north Texas, which includes the Dallas-Fort Worth area.

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The warning for the region will remain in effect through Sunday night, and during that span high temperatures are expected to range between 105 and 113 degrees.

ERCOT asked customers to take the following steps to cut electricity use:

Raise thermostats by a degree or two
Avoid using large appliances i.e., washer/dryer etc
Turn off and unplug non-essential lights and appliances
Set pool pumps to run early morning or overnight; shut off during peak hours
Commercial Businesses: Turn off any lights an office equipment when space not in use
Commercial Businesses: Turn off air-conditioning outside of business hours
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