The 2019 ERCOT 4CP Season, which ended on the last day of September, witnessed new monthly records for August and September with the August peak representing a new record demand in ERCOT.
On Monday, August 12, ERCOT established a new record overall peak level at 74,897 MW. This new level surpassed the previous record peak by ~1,600 MW or slightly more than two percentage points from the previous record set in July of 2018. Intraday prices reached over $4,000/MWh as tight reserves margins coupled with record demand forced a surge in prices.
Intraday prices reached the offer cap of $9,000/MWh on Thursday, August 15, as actual wind generation came in ~5,000 MW less than forecast. Despite it not being a monthly record demand day, the reduction in wind generation caused a surge in expensive fast ramping generation and reserves to meet demand.
On Friday, September 6, ERCOT established a new record monthly peak level at 69,187 MW, which surpassed the previous record September peak from 2018 by ~2,300 MW or ~3.5% with prices spiking to ~$1600/MWh.
2019 4CP Days:
• Wednesday, June 19: 68,271 MW at 5:00 PM CT
• Tuesday, July 30: 71,162 MW at 4:30 PM CT
• Monday, August 12: 74,896 MW at 5:00 PM CT
• Friday, September 6: 69,187 MW at 4:45 PM CT