In Sweltering Texas, Power Just Jumped to $2,380 a Megawatt-hour
- Hot weather came as power-plant maintenance curtailed supply
- ‘It’s insanely hot and humid’ analyst says as storms loom
Photographer: Joe Raedle/Getty Images
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Electricity prices in south Texas surged to about 100 times above this year’s average as hot weather kicked air conditioners into overdrive as power plants were down for seasonal maintenance.
Spot prices southeast of Corpus Christi hit $2,380 a megawatt-hour at 2:50 p.m. local time, according to the Electric Reliability Council of Texas, which operates most of the state’s grid. The average hourly price in South Texas so far this year was $23.64 a megawatt-hour as of Tuesday, Genscape data shows.