ERCOT given more oversight authority under state bill

• The state's electricity needs are increasing because of extreme heat and cold, population growth and the booming data center industry.

The latest: Senate Bill 6 was sent to Gov. Greg Abbott's desk Sunday.

• The measure gives the Electric Reliability Council of Texas, the state's power grid operator, more oversight of large consumers and their transactions with power generators.

The big picture: U.S. electricity demand is projected to rise by 25% by 2030 compared to power needs in 2023.

• The surge of electricity usage could increase retail rates by 15% to 40%, per a recent report by consulting firm ICF.

Threat level: ERCOT predicts the state's summer peak energy demand to nearly double by 2031. Demand could reach as high as 144,522 megawatts in a single day in 2031, per the projections.

• The grid operator also predicts this summer will set a new peak demand record.

Stunning stat: Energy demand this February set a new all-time winter record. Peak demand on Feb. 20 reached 80,525 megawatts.

• Aug. 10, 2023 holds the all-time summer record with a peak energy demand of 85,508 megawatts.

Zoom in: Under the law, ERCOT would have the authority to shut off or curb usage during emergencies.

• The bill would also require large industries seeking to connect to the grid to submit information about their operations. New industrial users would also be asked to install technology that would allow ERCOT to curtail energy usage.

Editor's note: This story has been corrected to show that Senate Bill 6 was sent to Gov. Greg Abbott on Sunday (not Friday).