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ERCOT real-time power price spikes above $1,100/MWh

The Electric Reliability Council of Texas footprint saw real-time prices jump to over $1,100/MWh Monday on record-breaking load expected, driven by late-season heat in the region.

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Real-time prices spiked across the footprint as Houston Hub real-time prices reached around $1,150/MWh at around 1:45 pm CDT (1845 GMT) Monday, while the prices across other hubs averaged about $200/MWh around the same time.

The Houston Hub on-peak real-time futures price for balance-of-the-day was valued about $150/MWh on Intercontinental Exchange as of 1:50 pm, almost four times the prior settlement in the high $30s/MWh.

ERCOT load was around 55.3 GW for the hour ending 1 pm, which was flat from the current-day forecast but well above the day-ahead forecast of 53.8 GW.

The grid operator also projected peakload to top 62 GW at 5 pm, surpassing the current all-time high for October of 59.9 GW set in 2016, before dropping significantly to around 45 GW Tuesday.

High temperatures across Texas' major cities were expected to fall from the low to mid-90s degrees Monday to the low 70s to low 80s Tuesday, compared with seasonal averages in the low to mid-80s, according to CustomWeather data.

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

--Edited by Annie Siebert, ann.siebert@spglobal.com