ERCOT expects electric usage next week would break the all-time peak record as consumers crank up their air conditioners to escape a brutal heatwave. Extreme Texas weather continues to come into play next week with triple digits in major load areas. Peak load continues to surpass original summer forecast demands with 61,000 MW this weekend and 66,000 MW for Monday.
ERCOT said it expects to have enough power resources to meet the demand next week, but warned heavy usage could stress some power lines and generating facilities, which could leave some customers in the dark temporarily.
“We are monitoring the grid very closely. We have seen more unplanned or forced unit outages this year due to the hot weather than usual. The plants are running at peak capacity, which is putting a lot of stress on the system,” said ERCOT spokeswoman Dottie Roark.
Specifically, Monday’s peak hours traded around $110 for the North Hub, upper $90’s for Houston Hub, and around $90 for the South Hub. Off peak trades went through in the upper $20’s for the 3-day package.
Natural gas closed down $0.099 to $4.145. Natural-gas rigs dropped for the first week in three, falling 12 to 877, and oil rigs rose by four to 1,025, again reaching the highest level since Baker Hughes separated the oil and gas rig counts in 1987. Oil rigs have gained every week since April 15, rising by 145. Miscellaneous rigs were unchanged at 6.
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