ERCOT approved almost 654 MW of generation, all renewables, for commercial operation in December, and another 2.9 GW of capacity neared commercial operation, increasing the grid's total operational capacity to 142.6 GW, up 9.1 GW from the end of 2021.
Another 2.5 GW, evenly divided among wind, solar, and battery storage, have signed interconnection agreements and financial security posted with start-up planned by the end of May, according to ERCOT's Capacity Changes by Fuel Type Charts, released January 5, 2023.
Such robust capacity growth would tend to weaken pressure on power prices, and forward traders may already be taking this trend into account. S&P Global M2MS ERCOT North Hub on-peak forward indexes for June, July, and August averaged less than $84/MWh January 6, 2023, compared with an ERCOT North day-ahead on-peak average of more than $124/MWh in June through August 2022. ERCOT North Hub is the market's most liquid pricing location.
From June through August 2021, ERCOT North day-ahead on-peak power averaged $50.60/MWh.
New England: around 32,000 MW (32 GW) vs about 145,000 MW (145 GW for Texas.
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