According to Fox Business, electricity prices have soared in Texas in recent days, exceeding the grid’s $9,000 per megawatt-hour cap. Normally this amount is just $25 per megawatt-hour. This price surge means that charging a Tesla can reach $900. The Electric Reliability Council of Texas (ERCOT), which operates the electric grid and also manages the energy market for three-quarters of the state, was powerless (no pun intended) to avoid electricity price hikes.
ERCOT utilizes a real-time auction system with providers getting paid the highest price from their accepted bids. Power plants are not purposely letting prices get out of control, but they’re not exactly complaining when it does happen.