Texas Electricity Prices Soared on Fears of a Shortage

Wholesale electricity prices in Texas briefly surged to four figures after ERCOT issued a warning about potential generation shortfalls on Wednesday. The spot price topped $3,000 per megawatt-hour at one point in the late afternoon of Wednesday, from about $32 per MWh on Tuesday, Bloomberg reported. The ERCOT warning had been for the time between 7 and 9 pm. The price surge is not unprecedented—prices on the spot market experienced another of these in April when ERCOT warned again about the possibility of a supply shortfall. In this…