The price of crude oil has plummeted in recent weeks, hitting its lowest point since 2009. Driven by a perfect storm of increased oil supply and weakened oil demand, the price drop has rattled financial markets and provoked uncertainty about where oil prices are headed in 2015.

When oil prices tumble, there are winners and losers. Among the winners are car drivers and airlines, who find it cheaper to fill their fuel tanks. Among the losers are oil-producing companies, who get fewer dollars for every barrel of crude they sell.

What about power companies? It’s tempting to think that utilities, insofar as they are key players in the energy world, might also be adversely affected by convulsions in the oil market. But that would be incorrect.

In the face of sizzling temperatures this week, the City of Angels saw its demand for electricity shoot up toward the heavens.

First, on Tuesday, near-100 degree temperatures meant a big spike in air-conditioning that catapulted LA’s total power draw to 6,196 megawatts – surpassing a previous all-time record of 6,177 megawatts set in September 2010. This level is around double the amount of electric demand experienced during a typical day in LA.

Wednesday took things a step further: in the midst of triple digit temperatures in downtown LA (high of 104°F), the LA Department of Water and Power reported peak power levels of 6,396 megawatts.

All -time energy demand record set yesterday was shattered today. Peak demand today=6,396 MW. Yesterday was 6196MW. pic.twitter.com/fZWqETk2LQ

— LADWP (@LADWP) September 16, 2014