For the second time in a week, Texans have set a new record for electricity use. According to ERCOT, power use for the hour ending at 5 p.m. yesterday was 63,830 megawatts. This tops the peak record of 63,594 MW set just last week.
Despite the record usage, prices for wholesale electricity and retail electricity have dropped significantly, and major investments in generation have provided more than adequate reserves to cover our electricity needs. This despite significant new regulatory costs being loaded onto the system through mandates for wind energy, energy efficiency, and deferred payment plans.
Looks like Texas’ competitive electricity market is performing exactly as promised-delivering plenty of electricity to Texans when they need it at prices they can afford.
– Bill Peacock