Wholesale power in the Texas market gained as wind generation trailed projections.
Electricity produced from wind turbines fell short of forecasts by 1,348 megawatts, or 26 percent, at 2 p.m. local time, according to the Electric Reliability Council of Texas Inc., which manages 90 percent of the state’s demand. One megawatt is enough electricity to power about 1,000 homes.
Prices rose also rose as consumption across the state’s main grid surpassed the projection by 3.7 percent to average 39,780 megawatts.
Spot wholesale power for the North hub, which includes Dallas and Fort Worth, gained $8.20, or 33 percent, to average $33.11 a megawatt-hour during the hour ended at 2 p.m. from the same time a day earlier, grid data compiled by Bloomberg showed.
Average on-peak power in the North hub climbed 12 percent from Wednesday’s full-day average to $25.79 a megawatt-hour, putting it on track to reach the highest full-day average since April 9.