All articles tagged with #power prices
Trump's energy secretary acknowledges that rising power prices will be blamed on policies but attributes the issues to Democratic policies, highlighting ongoing support for wind and solar energy in certain contexts like Iowa and Alaska, while emphasizing a shift towards baseload power sources such as fossil fuels and nuclear.
The new law signed by President Trump ending tax incentives for wind and solar projects is expected to increase electricity prices across the U.S., especially in Republican-led states, by reducing renewable energy development and increasing reliance on more expensive natural gas, while also limiting progress on reducing greenhouse gas emissions.
US natural gas supplies have dropped significantly due to extreme cold, leading to record demand for heating and power. The Electric Reliability Council of Texas (ERCOT) urged conservation efforts as electricity demand was expected to surpass all-time highs. Gas production in key areas like the Permian Basin and North Dakota's Bakken shale field was affected, while power prices soared to multi-year highs across the US and Canada.
Frigid weather moving into the central U.S. is expected to drive natural gas demand to record highs, leading to soaring power and gas prices. The extreme weather could strain power grids as electricity demand surges and some gas supply is affected by freezing temperatures. Grid operators are issuing weather watches, and the situation is reminiscent of the catastrophic freeze in Texas in 2021. Gas output has already declined due to "freeze-offs," and power prices are set to jump to their highest levels since December 2022.
Texas power prices doubled on Tuesday as a heat wave broke records and sent demand for cooling soaring, with prices reaching about $5,000 per megawatt-hour. The Electric Reliability Council of Texas (ERCOT) predicts that Wednesday will see a new record high for power use, which should exceed the current all-time high set in July 2022. The heat wave is expected to continue toppling records next week, with demand reaching 82,080 MW on Monday and 83,555 MW on June 28.
The Electric Reliability Council of Texas (ERCOT) has projected that power use in Texas will break records next week due to the first heat wave of the summer season. Despite the expected surge in demand, ERCOT has assured that it has enough resources to meet it. The forecasts for Tuesday and Wednesday would top the grid's current record of 80,148 MW set on July 20, 2022. Power prices at the ERCOT North Hub, which includes Dallas, jumped to a four-month high of $80 per megawatt hour for Friday from $30 for Thursday.