Adds details, backgroundJuly 17 (Reuters) - Demand for power in Texas hit a record high on Monday as homes and businesses kept air conditioners cranked up to escape a heatwave. Although overall U.S. power demand is projected to ease in 2023 after hitting a record high in 2022, rising economic and population growth is expected to keep boosting electric use in Sun Belt states like Texas. That is the fourth record high this summer and will likely be broken again on Tuesday with demand expected to reach 86,575 MW. One megawatt can power around 1,000 U.S. homes on a typical day, but only about 200 homes on a hot summer day in Texas. Forecasts for record demand boosted next-day prices at the ERCOT North Hub EL-PK-ERTN-SNL, which includes Dallas, to a six-month high of $475 per megawatt hour for Monday.
