In the midst of a scorching heat wave in Corpus Christi, Texas, power prices are skyrocketing to unprecedented levels. The Electric Reliability Council of Texas (Ercot) revealed that electricity prices reached an astonishing $2,500 per megawatt-hour for Sunday evening, a colossal leap from Saturday’s high of approximately $275. This surge in demand, combined with strained supplies on the state grid, has created a dire situation. Ercot predicts that the surplus of available power capacity versus consumption will shrink to only 1.6 gigawatts, potentially triggering emergency responses. However, Ercot does have additional reserves that it can tap into to meet the demand if necessary.
https://www.bloomberg.com/news/articles/2023-08-05/texas-power-prices-to-surge-800-on-sunday-amid-searing-heat