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.
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.
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.”
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
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