Texas power prices soar 20,000% as brutal heat wave sets off emergency

• Texas power prices soared 20,000% Wednesday evening amid another brutal heat wave.
• Spot electricity prices topped $5,000 per megawatt-hour, up more than 200 times from Wednesday morning.
• The state's grid operator issued its second-highest energy emergency, then later said conditions returned to normal.

Texas power prices soared 20,000% Wednesday evening amid another brutal heat wave that forced the state's grid operator to issue an emergency alert.

By 8:20 pm local time Wednesday, spot electricity prices had topped $5,000 per megawatt-hour, up more than 200 times from that morning, according to the Dallas Morning News.