ERCOT Prices See Major Spike

ERCOT Prices See Major Spike

May 31, 2017

by Margarita Fournier, Copyright 2016 by Competitive Assets, LLC.  All rights reserved

With high demand, ERCOT real-time prices spiked higher than expected. On 5/30/17, Platts reported that ERCOT “saw real-time prices jump to four-digit territory Tuesday, as power demand rose above forecast levels and reserve capacity was expected to fall below acceptable levels. Prices spiked across the footprint as Houston Hub real-time power averaged more than $1,000/MWh for the two-hour period that ended at 2:30 pm CDT (19:30 GMT), topping $2,000/MWh for the 15-minute interval ending 2:30 pm CDT, while prices at other hubs averaged about $250/MWh over the same period. Houston Hub on-peak real-time futures price for balance-of-the-day traded in the low $90s/MWh on Intercontinental Exchange, more than double Monday’s settlement in the low $40s/MWh as 1,000 MW changed hands. ERCOT load was around 53GW for the hour ending 2 pm CDT, which was nearly flat to a Tuesday forecast, but above a day-ahead forecast calling for a peak near 47.3GW.” At 6:00, ERCOT issued an Operating Condition Notice (OCN), stating: “Capacity Insufficiency: ERCOT is issuing an OCN for a projected reserve capacity shortage for hours ending 15:00 through 20:00. ERCOT is requesting all QSEs to update their COPs [current operating plans].”

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