Can price spikes happen outside of summer months?

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In theory, price spikes can happen any time demand is close to exceeding supply, but this usually only happens for a handful of hours during summer, when everyone is running the air conditioner.

Price spikes are occasionally forecast in winter, but typically don't eventuate.

It's also possible for damage or disruption to the grid to cause a price spike, but these kinds of events are very rare.

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