Why do price spikes happen and how long do they last?

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Price spikes occur for just a few hours each year, usually in January, and are caused by demand on the grid stretching the available supply of energy. There is a higher likelihood of price spikes occurring in the early evening on very hot days, because this is when everyone gets home from work and runs their air conditioners. 

These “price spikes” don’t usually last more than a couple of hours, and occur less than 0.1% of the time. 

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