Deep freeze sends Texas electricity prices soaring 10,000%
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Deep freeze sends Texas electricity prices soaring 10,000%

Tonight: Electricity prices have increased by 10,000% in Texas. Citibank cannot recover $ 500 million oops; And vegetarian Kitkat is now a thing. Let’s get into it.

When the storm struck in winter this week, electricity prices rose by over 10,000%. There are blackouts across the state. More than 4 million Texans were without power early Tuesday.

pointing fingers

While some are trying to blame one fuel source or another, the reality is that Arctic temperatures are fossil fuels and renewable energy alike, my colleague Matt Egan telling.

It is clear that this power is being stolen in America’s power center, powerful Texas. A bit of reference:

  • According to federal data, Texas produces more electricity than any other US state – nearly twice as much as Florida, next-closest.
  • Texas is the No. 1 state in both crude oil and natural gas.
  • Wind power is also booming in Texas, which produces about 28% of the US wind-powered electricity in 2019.

what happened?

So how did such a powerhouse knock so well offline?

We have not known the absolute definite cause for some time, but some things are clear:

  • Obviously, Texas is not usually this cold. The state’s infrastructure is simply not ready for a deep cold.
  • Critics of renewable energy will try to blame the wind turbine, but experts note that wind makes up a small part of Texas’ energy consumption.
  • It is also worth pointing out that a lot of chillier locations have wind turbines that do not buckle in the cold – Hello, Iowa; hej hej, Denmark – They just need to stay in winter, a move experts said Texas has left.
  • The Lone Star State is … all alone. Texas made a conscious decision to separate its energy grid from the rest of the country. This means that when things are going smoothly, it cannot export excess electricity to neighboring states. And in the current crisis, it cannot even import electricity.

In other words: “When it comes to electricity, what happens in Texas is in Texas,” said Dan Cohan, associate professor of environmental engineering at Rice University. “It’s really come back to bite us.”

related: Ford’s Closing its Kansas City Assembly Plant, Which makes its best-selling F-150 pickup due to the lack of natural gas due to severe winter weather in most of the country.

Today’s thought

To believe that Citibank, one of the world’s most sophisticated financial institutions, had made a mistake that had never happened before, to the extent of about $ 1 billion – the border would be irrational.

– US District Court Judge Jessie Furman

City bus Lost a bid to fix a big oops. Last year, the bank paid $ 900 million to lenders for cosmetics company Revlon. Some lenders returned erroneous funds, but others refused, prompting Citi to sue for a recovery of half a billion dollars. On Tuesday, a federal judge said – and I am contradicting here – not qualified.

Food business

Big chicken

Another day, another rise of Chicken Sandwich Wars. At this point, you do something special to make your sandwich stand out, so McDonald’s is discussing for his three new Chick Sammies A Limited Edition $ 5 Swag Bundle, Which includes a hoodie, a vinyl recording of a custom song, and of course a sandwich. (The star is known as the hoodie, which comes in a color that I can best describe as “light-fried chicken”.)

BIG Vega

Now basically unlike chicken sandwiches: We have kitkat now. Instead of dairy, KitKat V will use a rice-based alternative. healthy? No. But are people who eat plant-based diets more inclusive? Yes!

Number of days

$ 50,000

Bitcoin Hit an all-time high of over $ 50,000 on Tuesday. That statement may sound like a joke from a year ago, when crypto was priced at $ 10,000. But bitcoin has skyrocketed during the epidemic for rock-bottom interest rates that have severely weakened the US dollar. This makes bitcoin a comparatively attractive currency.

what is going on

  • Go ahead, Robinhood, here comes Goldman Sachs. Investment Bank unveils Marcus Invest, A new robo-consultant Moved towards the average investor.
  • Marriott International President and CEO Arne Sorenson died on Monday after nearly two years of battle with pancreatic cancer, Hotel chain announced Tuesday.

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