Weekly Price Recap: 8/11-8/17
As you no doubt noticed, or maybe even heard on the news, we had historically unprecedented pricing on the grid week last week. The heat came on strong bringing all-time record demand with it, and prices shot up in response. While normally price spikes don’t last more than 5 or 10 minutes, last week’s extreme spikes lasted for hours. For only the 5th week in Griddy’s history, our members paid more than the Texas average coming in at an unimaginable 60.5 c/kWh vs. the Texas average of 11.6c/kWh.
We had 25 price spikes, another unprecedented number. Almost all of them were driven by near-record demand on the grid. As temperatures got into triple-digits, air conditioners across the state were working hard and generators struggled to keep up with demand.