00:00 It's Benzinga and here's what's on the block.
00:02 The Electric Reliability Council of Texas, the primary grid operator in the state, activated
00:07 its emergency system due to a drop in electricity reserves below the critical level of 3,000
00:12 megawatts.
00:13 This shortage was driven by increased power usage during a heat wave.
00:16 The extreme heat, exemplified by Houston's temperatures reaching 102.2 degrees Fahrenheit,
00:22 caused the increased demand.
00:24 This situation draws attention to the state's vulnerability to extreme weather events, highlighted
00:28 by the February 2021 storm that left millions without power.
00:33 The grid operator urged consumers to conserve power during peak demand hours, and real-time
00:37 power prices surged above $5,000 in most of ERCOT's Texas hubs.
00:42 For all things money, visit Benzinga.com.
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