Texas spot wholesale power gained as hotter weather boosted demand to run air conditioners.
The heat intensified across the state as the week progressed, according to AccuWeather Inc. in State College, Pennsylvania. The high in Houston today will climb to 99 degrees Fahrenheit (37 Celsius), 8 above average, while Dallas may be 7 degrees above normal at 101.
Demand on the grid operated by the Electric Reliability Council of Texas Inc. was 59,876 megawatts at 1:36 p.m. Central time, 0.2 percent above the forecast for the hour. Ercot raised its peak-demand outlook for today by 1 percent to 65,302 megawatts for the hour ending at 5 p.m. Yesterday’s peak was 63,793 megawatts.
Houston spot power gained $9.14, or 22 percent, to average $50.87 a megawatt-hour during the hour ended at 1 p.m. from the same time yesterday, above yesterday’s day-ahead outlook of $44.27, grid data compiled by Bloomberg show.
Prices at the Ercot North hub, which includes Dallas, increased $8.88, or 21 percent, to $50.59 a megawatt-hour, above the day-ahead price of $44.26.
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