💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

California has enough power during heat wave after Thursday emergency

Published 07/21/2023, 11:07 AM
Updated 07/21/2023, 11:10 AM
© Reuters. FILE PHOTO: A woman jogs by power lines, as California's grid operator urged the state's 40 million people to ratchet down the use of electricity in homes and businesses as a wave of extreme heat settled over much of the state, in Mountain View, Californi
NG
-

(Reuters) - California's power grid operator said it does not plan to ask consumers to conserve power on Friday after declaring an energy emergency late Thursday as homes and businesses cranked up their air conditioners to escape a lingering heat wave.

The California Independent System Operator (ISO), which operates the grid serving more than 32 million consumers representing about 80% of the state's power load, has said it has enough resources available to meet demand.

On Thursday, the ISO declared an emergency alert for about an hour "due to heat conditions and higher than anticipated demand" at around 7:30 p.m. local time as the setting sun reduced the amount of solar power available.

California residents have worried about the effect of extreme weather on the power grid since a brutal heat wave in August 2020 forced the ISO to impose a couple of days of rotating blackouts on around 800,000 homes and businesses.

Meteorologists at AccuWeather forecast high temperatures in Los Angeles, the biggest city in California, would reach the low 90s Fahrenheit (32.8 Celsius) every day from July 21-25. That compares with a normal high of 82 F for this time of year.

The ISO said it was able to end Thursday's emergency after securing additional resources. The ISO did not say where those resources came from but its website said imports from neighboring states increased around that time.

The ISO forecast demand would rise from 42,266 megawatts (MW) on Thursday to 43,512 MW on Friday. That is well below the grid's all-time high of 52,061 MW on Sept. 6, 2022.

Soaring demand in California boosted some next-day power and natural gas prices in the U.S. West to their highest in three months, including at the Mid Columbia Hub in the Pacific Northwest, where much of California's electric imports come from.

© Reuters. FILE PHOTO: A woman jogs by power lines, as California's grid operator urged the state's 40 million people to ratchet down the use of electricity in homes and businesses as a wave of extreme heat settled over much of the state, in Mountain View, California, U.S., August 17, 2022. REUTERS/Carlos Barria/File Photo

Gas is important in California since much of the power generated in the state comes from gas-fired plants.

In 2022, about 49% of the power generated in the ISO came from gas-fired plants, with most of the rest coming from solar (21%), nuclear (10%), wind (10%) and hydro (9%).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.