Weekly Price Recap: 1/27-2/2
Last week our members averaged 8.5¢/kWh for the week while the average Texan paid 11.4¢/kWh – almost 35% higher! The polar vortex made things particularly chilly in the beginning of the week with sub-freezing temperatures in Dallas and near-freezing temperatures in Houston. But even with increased usage, there were two price spikes last week.
The first happened at 6:45 am on Tuesday, as early morning heating usage escalated quickly, forcing expensive “peaker” plants to ramp up and push prices to 75¢/kWh for 5 minutes. The second spike came at 5:50 pm on Wednesday when demand came in 1.7 Gigawatts above forecast and pushed prices to just under 50¢/kWh for 5 minutes. As usual, gas-fired generators quickly ramped up to meet demand and bring prices back down.