Searing Heat Has Texas Power Surpassing $1,000 a Megawatt-Hour

(Bloomberg) -- Wholesale electricity in Houston surged past $1,000 a megawatt-hour to the highest levels since January as people blasted their air conditioners to keep cool.

Searing Heat Has Texas Power Surpassing $1,000 a Megawatt-Hour

Temperatures were forecast to reach 95 degrees Fahrenheit (35 Celsius) in Houston on Wednesday. People trying to stay cool sent electricity demand jumping above 61 gigawatts, eclipsing a previous May record set last year. That had spot power at a Houston hub surging to as high as $1,466.32 a megawatt-hour at about 5:30 p.m. local time.

And the heat isn’t through with Texas yet. Temperatures in Houston are expected to reach 96 degrees on Thursday before cooling off, according to AccuWeather.

©2018 Bloomberg L.P.