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Texas power prices briefly soar 1,600% as a spring heat wave is expected to drive record demand for energy
For about one hour late Friday, day-ahead prices on ERCOT's website jumped as high as $688 per MWh.
That’s as weather forecasts for top cities like Houston and Dallas have put high temperatures in the 90s, above seasonal norms, meaning more Texans will crank up their air conditioning. Meanwhile, Texas has seen an influx of residents since the pandemic as people fled states like California and New York, where the cost of living is higher, meaning more customers are plugged into the grid. Texas has also become a hotbed for bitcoin mining, adding to electricity demand, as the state’s deregulated power market and abundance of cheap natural gas became attractive to the energy-intensive sector.
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