Texas Spot Power Prices Tumble as Demand Falls Below Forecasts

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Texas spot wholesale electricity slipped for the first time in five days as demand dropped below forecasts.

Power consumption was coming in 7 percent lower than projected on the main state grid, according to the Electric Reliability Council of Texas Inc. Dallas may see cloudy skies with a rain or a thunderstorm in the afternoon and evening, AccuWeather Inc. said on its website.

Spot power at Ercot’s North hub, including Dallas, fell $1.89, or 7.2 percent, to $24.47 a megawatt-hour in the hour ended at 2 p.m. local time, according to grid data compiled by Bloomberg. The average spot on-peak price was down 34 percent so far Friday to $20.86, heading for the lowest daily average since April 8.

The high temperature in Dallas may top out at 82 degrees Fahrenheit (28 Celsius), 6 below normal, while Houston’s reading was 4 lower than normal at 84, AccuWeather data show. A round of storms will push across most of Texas over the weekend, after storms caused flooding in Houston earlier this week, the forecaster said.

Power consumption across Ercot grid was 44,213 megawatts in the hour ended at 2 p.m. versus the day-ahead projection of 47,542 for the period, Ercot data show. The grid operator cut its peak-demand outlook for Friday by 6 percent to 47,350 megawatts.

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