About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg Quicktake: Now published this video item, entitled “Millions Lose Power in Texas as Freeze Sows Market Chaos” – below is their description.
Millions of households in Texas are suffering rolling blackouts for the first time in a decade as an unprecedented Arctic freeze sends temperatures plummeting across much of the U.S., roiling energy markets.
Large swaths of Dallas, Houston and other cities are being plunged into darkness for an hour at a time — and in some cases longer — as surging demand for heat pushes the power grid to the brink. The situation is poised to become more dire as temperatures are forecast to fall even lower later tonight, when demand will surge too.
“Every grid operator and every electric company is fighting to restore power right now,” said Bill Magness, head of the Electric Reliability Council of Texas, which runs the state’s grid.
The average spot price for power across the Texas grid hit the state’s $9,000 per megawatt-hour price cap shortly after 9:30 a.m. local time.
The extreme cold that’s crippling Texas’s power market is part of a larger weather pattern gripping much of the U.S. Winter storm warnings, advisories and watches stretch from New Mexico to Maine. In the past week, about 800 daily records for cold temperatures have been set in the U.S. as arctic air pushes all the way to the Gulf of Mexico. Accuweather called it one of the busiest winter-weather patterns in decades.Bloomberg Quicktake: Now YouTube Channel
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In This Story: Mexico
Mexico became an independent nation state after the successful Mexican War of Independence against Spain in 1821.
Mexico is a developing country, but has the world’s 15th-largest economy by nominal GDP and the 11th-largest by PPP, with the United States being its largest economic partner. Since 2006, a conflict between the government and drug trafficking syndicates has led to over 120,000 deaths.
Mexico receives a significant number of tourists every year; in 2018, it was the 6th most-visited country in the world, with 39 million international arrivals.