Demand for power in Texas reached a new record high on Thursday, marking the third time this week and the tenth time this summer that the state has experienced such peak demand. This surge in electricity usage can be attributed to the scorching heatwave that has engulfed the region, prompting homes and businesses to crank up their air conditioners in a bid to escape the oppressive temperatures. The Electric Reliability Council of Texas (ERCOT), responsible for operating the grid for over 26 million customers, confirmed that it currently has sufficient power resources to meet the existing demand.

ERCOT reported that power usage peaked at a preliminary 85,435 megawatts (MW) on Thursday, surpassing the previous day's record of 83,961 MW. This new peak demand figure exceeds the previous year's record of 80,148 MW, set back in July 2022, by a significant margin of 5,287 MW. Furthermore, ERCOT predicts that this newly established demand record will likely be broken yet again on Friday, with usage forecasted to reach 86,621 MW.

The sweltering temperatures in Houston, the largest city in Texas, soared to a scorching 104 degrees Fahrenheit (40°C) on Thursday, according to AccuWeather. Such extreme weather conditions have fueled concerns among Texas residents, who have been haunted by memories of a deadly storm that struck the state in February 2021. During that catastrophic event, millions of people were left without power, water, and heat for days as ERCOT struggled to prevent a complete grid collapse.

Although ERCOT assured the public that it has sufficient power resources to meet the current demand, energy analysts have highlighted the role of renewable energy sources, such as wind and solar power, in helping ERCOT cope with the record-breaking demand this summer. This shift towards cleaner energy alternatives has provided some relief amidst the increasing strain on the grid.

The soaring demand for electricity has also had an impact on the market, with prices briefly exceeding $4,000 per megawatt hour in certain Texas ERCOT hubs, according to the ERCOT website. This surge in prices reflects the strain on the power supply and highlights the economic implications of the high demand.

In light of the recent events, the concerns surrounding extreme weather conditions in Texas persist. This ongoing heatwave and the subsequent power demand spikes serve as a stark reminder of the vulnerabilities of the state's power infrastructure and the need for continued efforts to ensure grid reliability, especially in the face of increasingly unpredictable weather patterns.