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Last week's unprecedented heat caused New England's grid operator to declare a Level 1 emergency and electricity prices briefly jumped to almost $2,000 per megawatt-hour — ten times the usual day-ahead cost! https://lnkd.in/ezw2enwS To ensure reliability, utilities must proactively embrace new hourly demand flexibility, including energy efficiency, demand response, and other behind-the-meter solutions. This proven strategy can be rolled out quickly and cost-effectively through a performance-based approach. Performance-based markets that pay for hourly savings incentivize innovation and often find peak savings in unexpected places. This was the basis of California's highly successful market access program, created in response to the heat storm that caused rolling blackouts in the summer of 2020. The key is accurate, consistent, and transparent measurement to provide a price signal that allows these solutions to work together as comprehensive virtual power plants. Learn more about this approach here: https://lnkd.in/eky3htyY #demandflexibility #gridsolutions

New England Power Grid Declares Emergency as Heat Wave Hits

New England Power Grid Declares Emergency as Heat Wave Hits

finance.yahoo.com

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