Power prices in Texas for Tuesday topped $2,500 per megawatt hour (MWh) in the day-ahead market on expectations demand would reach record levels as homes and businesses crank up their air conditioners to escape the first heat wave of the 2023 summer.
The Electric Reliability Council of Texas , which forecast the record demand, operates the grid for more than 26 million customers representing about 90% of the state's power load. ERCOT has said it has enough resources to meet demand.
AccuWeather forecast temperatures in Houston, the biggest city in Texas, will hit 101 degrees Fahrenheit on Tuesday. That compares with a normal high of 93 F for this time of year. Day-ahead power prices for Tuesday settled around $2,500 per MWh at 5 p.m. local time in several zones, including Houston and Dallas, according to the ERCOT website.
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