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By Scott DiSavino
(Reuters) -Demand for power in Texas hit a record high on Tuesday as homes and businesses cranked up air conditioners to escape a heat wave across the state.
Texas' surging population growth in recent years and its status as a hub for some of the most energy-intensive industries, including data centers and cryptocurrency mining, have ramped up power demand and increased stress on its vulnerable electrical grid.
After breaking peak-demand records several times in April and May, Texas peak power demand reached a preliminary 85,558.98 megawatts (MW) on Tuesday, which topped the previous record of 85,508 MW set on Aug. 10, 2023, according to the Electric Reliability Council of Texas.
The council, which operates most of the grid for 27 million customers, said it expected demand would ease to 85,921 MW on Wednesday.
The grid operator also said the power network was operating normally, with enough supply available to meet expected demand.
One megawatt can power 800 homes on a normal day but as few as 250 on a hot summer day in Texas, when homes and businesses turn up air conditioners.
Temperatures in Houston, the state's biggest city, were expected to reach 103 degrees Fahrenheit (39 degrees Celsius) on Tuesday before easing to 100 F (38 C) on Wednesday, according to AccuWeather meteorologists.
That compares with a normal high of 95 F (35 C) for this time of year.
Next-day power prices at the ERCOT North Hub, which includes Dallas, jumped about 157% to a two-week high of around $102 per megawatt hour for Tuesday, according to LSEG pricing data.
That compares with an average of $57 per MWh so far in August, and $33 so far this year, $80 in 2023 and $66 from 2018 to 2022).
Real-time prices soared to almost $1,600 per MWh during one 15-minute interval around 6 p.m. on Monday, according to the grid operator's website.
(Reporting by Scott DiSavino and Anjana Anil; editing by Laila Kearney, Jonathan Oatis and Cynthia Osterman)
