Price Futures Group Senior Market Analyst Phil Flynn and Sanders Chairman Maurice Harris George Paul analyze the energy sector in Claman’s Countdown.
Texas Power Grid This week it broke another record as homes and businesses keep their air conditioners on alert for a scorching heat wave across the Lone Star State.
On Monday, Texas power demand was more than 76,600 megawatts, He broke the record last week More than 75,000 megawatts.
Transmission towers at the CenterPoint Power Plant on June 09, 2022 in Houston, Texas. (Brandon Bell/Getty Images/Getty Images)
The Electrical Reliability Council of Texas (ERCOT), which operates Texas Power Grid For more than 26 million customers – or about 90% of the state’s power load – they say it still has enough spare capacity to meet the growing demand. It had enough spare capacity to handle record demand just over a week ago.
Record-breaking is likely to continue this week with AccuWeather forecasting temperatures to exceed 100 degrees this week.
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Demand is also likely to rise amid overall economic and population growth in Texas. ERCOT expects that new wind and solar power plants added over the past year will increase resources this summer to more than 91,300 megawatts. Texas produces more natural gas than any other state, According to EIAIt also responded to the historic 2021 freeze by adding natural gas and renewable generation capacity.
Energy prices at ERCOT North Hub – which includes Dallas – fell to a two-week low of $81 per megawatt-hour Tuesday – from $100 on Friday, Reuters reported.
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One megawatt can power about 1,000 American homes in an “ordinary day.” But that number drops to about 200 on hot Texas summer days.