ERCOT experienced record electricity demand and soaring wholesale electricity prices last week as a heat wave enveloped the region. Demand reached an all-time high of 74,531 MW from 4pm-5pm on Monday, August 12th. For the first time since January 2014, ERCOT issued a Level 1 Energy Emergency Alert (EEA 1) on Tuesday and Thursday of last week as operating reserves dipped below 2,300 MW. Real-time wholesale prices maxed out at the system-wide price cap of $9,000/MWh on Tuesday and Thursday as well.
Total US consumption of natural gas remained the same. Consumption for power generation was constant week/week, industrial sector consumption decreased 1%, residential-commercial consumption increased 4%, and exports to Mexico increased 2%.
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