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Deep freeze sends Texas electricity prices soaring 10,000%

February 17, 2021. Summarized by summa-bot.

Compression ratio: 26.2%. 1 min read.

Tonight: A deep freeze sends Texas electricity prices soaring 10,000%; Citibank can't fix a $500 million oopsie; and vegan KitKats are now a thing. Let's get into it.

Tonight: A deep freeze sends Texas electricity prices soaring 10,000%; Citibank can't fix a $500 million oopsie; and vegan KitKats are now a thing.

It's striking that these power outages are happening in mighty Texas, the energy powerhouse of America.

Texas produces more electricity than any other US state — generating almost twice as much as Florida, the next-closest, according to federal statistics.

Wind power is also booming in Texas, which produced about 28% of all the US wind-powered electricity in 2019.

Critics of renewables will try to blame wind turbines, but experts note that wind makes up a small share of Texas' energy consumption.

It's also worth poinitng out that a lot of chillier places have wind turbines that don't buckle in the cold — hello, Iowa; hej hej, Denmark — they just need to be winterized, a step experts said Texas has skipped.

In other words: "When it comes to electricity, what happens in Texas stays in Texas," said Dan Cohan, associate professor of environmental engineering at Rice University.

RELATED: Ford is shutting its Kansas City assembly plant, which makes its best-selling F-150 pickup, because of a shortage of natural gas caused by severe winter weather hitting much of the country .

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