VST - Texas power use hits another record as heatwave bakes the state

2023-07-31 21:00:08 ET

Demand for power in Texas hit a record high for the sixth time this summer on Monday, as top grid operator ERCOT said usage hit a preliminary 82,892 MW, surpassing the current all-time high of 82,592 MW on July 18.

The demand record likely will be broken again Tuesday, with ERCOT forecasting usage will reach 84,332 MW.

Next-day spot prices at the ERCOT North Hub, which includes Dallas, jumped to a two-week high of $250/MWh for Monday, compared with an average of $42/MWh so far this year and a five-year 2018-22 average of $66.

ERCOT, which operates the grid for more than 26M Texas customers representing ~90% of the state's power load, said it has enough resources available to meet the demand.

Potentially relevant stock tickers include ( NYSE: NRG ), ( NYSE: VST ), ( NYSE: CNP ), ( EXC ), ( AEP ) and ( SRE ).

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