ERCOT Day-Ahead Hub Average Price

## What this measures

The average of the twenty-four hourly Day-Ahead Market prices at ERCOT's hub average (HB_HUBAVG) for each delivery day, in dollars per megawatt-hour. What a megawatt-hour in Texas was worth the day before it was used.

## Why it matters

Texas is the largest and least-hedged power market in the country, and its day-ahead price is where weather, gas, and the build-out of data centres and solar meet. A rising average through a season is a margin story for every industrial load in the state; a spike day is a scarcity event.

## How to read it

Compare against the Henry Hub gas price — the spread is the market's implied heat rate. A hub average that detaches from gas is telling you about congestion, retirements, or demand that gas cannot answer.

## What it does not say

This is the day-ahead hub average, not the real-time price and not any single load zone. Extreme intra-day scarcity pricing is muted by the daily mean.

## Source

ERCOT MIS report NP4-190-CD (DAM Settlement Point Prices), public; history from NP4-180-ER. Daily.