HomeIndustriesTexas Power Prices to Skyrocket 800%

Texas Power Prices to Skyrocket 800%

Power prices in Texas are expected to surge by 800% on Sunday evening as extremely hot weather pushes demand toward record levels, placing strain on the state power grid.

While power prices on Saturday night hit a height of $275, electricity prices are poised to hit more than $2,500 per megawatt-hour on Sunday evening, the Electric Reliability Council of Texas (Ercot) reported. The grid operator added that the surplus of available power capacity on the grid versus power consumption is forecasted to plummet to 1.6 gigawatts at around 6 p.m., a level that can trigger emergency responses.

Over the course of Sunday, power usage is expected to rise to a peak of 84.4 gigawatts at around 4 p.m. This would be the highest-ever level of power usage recorded by Ercot.

In an effort to curb electricity usage, Texan state officials wanted residents to take precautions to avoid wasting electricity. The state is set to activate temporary cooling centers throughout the state.

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