FAST FIVE: Texas Power Grid Operator Declares Level 1 Emergency Amid "Extreme Heat"
Update (1325ET): Electric Reliability Council of Texas (ERCOT) calls for energy conservation while declaring first-level energy emergency.
“A large ridge of high pressure has anchored itself across the southern Plains over the last 7-10 days, promoting significant heat across Texas.
According to the Electric Reliability Council of Texas (ERCOT), who operates the electric grid and supplies energy to more than 25 million customers, representing 90% of the state's electrical load, reported that demand surged to 74,531 megawatts (MW) at 5 p.m.
ERCOT Houston MW-hour jumped from $25 to $603 on August 12, a +2,237% move in 1,440 minutes.
In comparison to other grid operators across the country, ERCOT Houston is experiencing the most significant spikes in energy costs this week. The jump in energy costs shows just how unpredictable the Texas power market has become as coal-fired generators are retired for cheaper natural gas and renewable energy sources.