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Drill, Baby, Drill

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Drilling rig in West Texas. By Mike Irvin @ Shutterstock.com

Texas’s power grid is being pushed to its limits. But that’s not so surprising when so many new residents and businesses are coming to the state. Texas’s power grid looks like it will break records this month for consumption. Fox Weather reports:

A heat wave has baked Texas for two weeks, with triple-digit record temperatures being reported across large swaths of the state nearly every day. Temperatures, however, aren’t the only thing setting records in the Lone Star State.

The Electric Reliability Council of Texas, which manages about 90% of the state’s power grid, reported “unofficial” monthly and all-time records for electricity demand were hit Tuesday as air conditioners whir seemingly around the clock while Texans try to beat the heat.

According to ERCOT, the previous June record for power demand was last year, when 76,681 megawatts were used on June 23. On Tuesday, however, that record was broken when usage peaked at 80,828 megawatts of electricity.

Not only does this figure break the June record, but it also breaks the all-time peak demand record on the ERCOT power grid. That record was previously set on July 20, 2022, with 80,148 megawatts used in one day. That means the record was broken about three weeks earlier than when the last all-time record was set.

According to ERCOT, however, the measurement from Tuesday is preliminary, making the record-breaking statistic unofficial.

“Official demand records are NOT confirmed until settlements/data has been finalized which can take several days,” a spokesperson for ERCOT said.

Texas is America’s largest electricity consumer, but Texans aren’t overusing electricity. Per capita, Texas falls behind about a dozen other states when it comes to consumption. Natural gas power generation supplies most of Texas’s electricity, including about half its consumption in 2022. Wind power was the next largest generator.

Texas produced more than a quarter of America’s natural gas in 2022. With all that new demand, and such exceptional natural gas resources, it’s time for Texas to (even more than normal) drill, baby, drill!

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Action Line: Look for states like Texas where economies are growing and people are flocking. They’re doing something right. Your Survival Guy’s 2023 Super States are a “who’s who” of states looking to put the interests of businesses and taxpayers first. If you’re looking for a new America, begin your search with the 2023 Super States. Then, click here to subscribe to my free monthly Survive & Thrive letter, and become a Survivor.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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