On August 20th, 2024, ERCOT experienced record demand, solar generation, net load, and battery discharge, leading to prices nearing the cap. Solar power kept prices in check during peak demand, but as the sun set, prices spiked due to higher marginal cost resources being used. Battery discharge hit a new peak, boosted by ECRS deployment. Despite capacity challenges, ERCOT did not call for conservation, confident in the grid’s resources. The ORDC adders that drove prices in the past were reduced, and unexpected events could trigger battery responses. Yesterday’s market performance showcased the evolving nature of ERCOT operations amid changing market dynamics.
https://blog.gridstatus.io/a-record-setting-day-in-ercot/