Houston — The Electric Reliability Council of Texas continues to forecast strong demand for the next several days as day-ahead power prices continue to climb to values not seen in years.
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ERCOT North Hub day-ahead on-peak shot up $80 to around $255/MWh for Monday delivery on the Intercontinental Exchange, the highest value seen in several years. Looking back, day-ahead prices reached a summer high of $92/MWh in 2014, $145/MWh in 2013, $305/MWh in 2012 and $610/MWh in 2011, the hottest summer on record in Texas.
Balance-of-the-week on-peak is trading between $85/MWh and $130/MWh on ICE and averaging about $100.75/MWh.
System load in ERCOT is forecast to peak at 68,300 MW Friday, 65,450 MW Saturday, 64,725 MW Sunday and 67,850 MW Monday. Demand is projected around 67,675 MW through next week.
The current all-time peak demand record is 68,912 MW, reached between 4 and 5 pm CDT (2100-2200 GMT) Thursday, which broke the all-time record of 68,459 MW set just a day before. Before this week, the previous record was 68,305 MW set on August 3, 2011.
The high temperature for Friday is forecast at 103 degrees in Dallas, 102 in San Antonio and 101 in Houston. Temperatures are expected above 100 for at least the next two weeks. The August record high is 111 in Dallas, 110 in San Antonio and 106 in Houston.
ERCOT issued an extreme hot weather advisory Thursday through Saturday.
"We're expecting demand to remain at very high levels as temperatures stay above 100 degrees the next few days in most of Texas," Dan Woodfin, ERCOT director of System Operations, said in a statement Thursday. "ERCOT will continue to monitor system conditions closely to ensure we are prepared to maintain overall reliability and protect the grid."
This week's records are preliminary until final settlement in the ERCOT market, which occurs five days after the operating day, ERCOT spokeswoman Robbie Searcy said.
In July, ERCOT set peak demand records for the month on four consecutive days.
ERCOT manages the flow of electric power to nearly 24 million Texas customers, representing about 90% of the state's electric load.