US Power Plants Secure Record $14.7 Billion Payouts Amid Rising Demand and BYOP Trend

Aug 9, 2024, 01:27 PM

Power plants on the largest US electric grid have secured record payouts of $14.7 billion in an auction aimed at enhancing the system's reliability. However, experts warn that these payouts may not be sufficient to drive significant investment in new projects necessary to meet the rising demand for electricity. The US is currently grappling with increased electricity demand due to extreme weather and aging infrastructure, leading to frequent outages. The situation has led to the emergence of the 'BYOP' (Bring Your Own Power) trend among Americans, as they seek alternatives like microgrids to ensure a stable power supply.