Weekly Price Recap: 3/3-3/9
Last week, our members averaged 9.7 ₵/kWh while the average Texan paid 11.4 ₵/kWh – 17.5% higher! The combination of freezing temperatures along with scheduled maintenance on several power plants led to several price spikes. The most serious spikes occurred on the morning of Tuesday the 5th. With temperatures in the 20s across much of the state, electric heaters were chugging away. At the same time, wind generation dropped off, causing some of the most expensive and least efficient gas-fired power plants to kick on in order to meet demand. That sent prices up as high as $1.50/kWh for several 5-minute intervals between 6:00 – 7:00 am before prices normalized.