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US ERCOT record July power peakloads expected through weekend

The Electric Reliability Council of Texas was expected to set new load highs three days in a row from Wednesday, propelled by the continued heat in the region.

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ERCOT forecast the power demand to peak at 68.9 GW at 5 pm CDT Wednesday, a potential record for July after it set a new high of 68.8 GW last Thursday.

Looking ahead to the end of the week, demand was forecast to peak at 69.4 GW Thursday and 70.3 GW Friday, both higher than the current all-time high for July.



High temperatures across major Texas cities were expected in the low 90s degrees F to high 90s F Wednesday, mid-90s to low 100s F Thursday before climbing higher to high 90s F to low 100s F Friday, according to CustomWeather data.

"Temperatures will continue to climb hotter through Friday. Thursday and Friday both have good opportunities to be the hottest days of the summer thus far, for ERCOT on-average," Chris Coleman, ERCOT's meteorologist, said in a forecast Wednesday.

US National Weather Service issued heat advisories across North and Central Texas effective until Thursday night, cautioning daily maximum heat index values would range from 105 F to 110 F degrees.

The weather service also issued a heat advisory for portions of South Texas from noon to 6 pm Wednesday, noting heat indices expected between 110 and 115 degrees F for area under the advisory and between 105 and 109 degrees F over the remainder of South Texas.

In the day-ahead market, ERCOT North Hub next-day on-peak futures gained about $7.50 to the low $40s/MWh on Intercontinental Exchange, while balance-of-the-week on-peak was much higher in the low $50s/MWh.

--Jeff Zhou, jeff.zhou@spglobal.com

--Edited by Jeremy Lovell, jeremy.lovell@spglobal.com