Texas Power Prices Grow Over 1,000% Due To Extreme May Heat

Many in the state of Texas are dreading the return of one thing: the heat.

While the Lone Star State has recently seen a lot of rain, it doesn't mean the area will be able to ignore the incoming summer. This normally means that everyone in the state will be looking for any way to stay cool when temperatures get unbearable. But this year, it seems the heat is coming earlier than expected.

Per Yahoo, Texas is set to face a heat wave in the month of May. For example, Yahoo mentioned Houston, Texas going over 90 degrees between May 18th-29th. Normally, the high for the city is 86 degrees, as reported by AccuWeather meteorologists.

Due to the increase in the heat, another part of the state will be affected: the Texas Power Grid.

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Power Prices In Texas Set To Grow Large Due To Heat Wave In Spring

Fortune reports that Texas residents should expect to being paying a lot more if they wish to keep cool during the wave of heat in May. So much so that its reported the cost will grow nearly 1,600% due to the hot weater.

Yahoo also stated that ERCOT estimated use of the grid went from 57,486 megawatts on Friday May 17th, to 71,893 MW on May 20th. In addition, May 21st's use of the grid would be 72,725 MW and May 24th would be appraised at 74,346 MW.

Further estimations have revealed the most usage during the Texas summer, set on the day of August 10, 2023 at 85,508 MW, will be eclipsed due to multiple factors. Things involved in the possible breaking of that record include Artificial Intelligence, Data Centers, and Cryptocurrency Mining, as per Yahoo.

As this is a developing story, we will have more information when it becomes available.