"Texas Power Prices Skyrocket 800% as Heatwave Hits"
Texas power prices are set to surge more than 800% on Sunday due to searing heat, which is pushing electricity demand towards record levels and straining supplies on the state grid. The Electric Reliability Council of Texas (ERCOT) reported that electricity prices for Sunday evening rose to over $2,500 per megawatt-hour, compared to Saturday's high of about $275. The surplus of available power capacity on the grid versus power consumption is expected to narrow to 1.6 gigawatts, potentially triggering emergency responses. ERCOT has issued a weather watch and will continue to monitor conditions closely.