“Record” El Nino Already Wreaking Havoc With California Electricity Prices

Wednesday, November 18, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
11/18/2015

Just three weeks ago we warned of “all kinds of mayhem” about to be let loose as scientists feared this year’s El Nino may be among the biggest ever, and as Bloomberg reports, the impact is already being felt in California… but not in much needed rain or snow. California has yet to see the full force of El Nino, and it’s already tripping up the state’s power-demand forecasters. The state saw “significant” electricity price spikes in the third quarter as El Nino made it difficult to predict how much power would be needed with a “relatively high percentage of intervals” when prices spiked above $1,000 a megawatt-hour in the 5-minute market… 25 times normal costs!

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