Already in mid-April, August power prices for Dallas soared to $168.70 a megawatt-hour, which was the highest level in five years for this time of the year,...
It could be another sweltering summer in Texas, and speculators are already driving up energy prices for August.
A man rests under the shade of a tree while working on Haskell Avenue between Live Oak Street and Swiss Avenue in Dallas, on Tuesday, June 14, 2022.Already in mid-April, August power prices for Dallas soared to $168.70 a megawatt-hour, which was the highest level in five years for this time of the year, according to Bloomberg Fair value data. Prices were still hovering around that level on Friday, an 82% premium versus a year earlier.
Power usage on the state grid rose to all-time highs nearly two dozen times in the previous two summers combined and is expected to rise even further this summer, according to the Electric Reliability Council of Texas, or ERCOT, the state’s grid operator. “If we get a summer like last summer, I think we are underpriced,” said Luis Luego, head of ERCOT trading at Mercuria Energy America, at the same conference where power prices in the state were a trending topic.The Public Utility Commission has finalized rules for the Texas Energy Fund, a taxpayer-funded program that will provide incentives to companies that build new natural gas power plants in Texas.
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