Millions Lose Power in Texas as Freeze Sows Market Chaos

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:

  • Biden Warns Putin Over Hacking But Proposes U.S.-Russia Summit in a Call
  • How Will Electrification Drive Commodity Demand?
  • Black Lives Matter Protester Rips Police, Mayor of Brooklyn Center, Minnesota
  • 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

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: Mexico

    Mexico is a country in the southern portion of North America. It is the most populous Spanish-speaking nation. Mexico City is its capital city and largest metropolis.

    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.

    4 Recent Items: Mexico

  • How Biden is trying to handle the border surge | Citizen by CNN
  • McConnell Slams Biden for Blaming Trump for Migrant Crisis at U.S.-Mexico Border
  • Mexican village arms children against cartels
  • Biden mulls giving cash to Central American countries, critics say it should go to meeting US needs
  • In This Story: New Mexico

    New Mexico is a state in the Southwestern United States; its capital is Santa Fe, which was founded in 1610 as capital of Nuevo México. Its largest city is Albuquerque with its accompanying metropolitan area. It is one of the Mountain States and shares the Four Corners region with Utah, Colorado, and Arizona.

    2 Recent Items: New Mexico

  • New video released by police shows fatal shooting of New Mexico state trooper
  • NBC Nightly News Broadcast (Full) – April 2nd, 2021 | NBC Nightly News
  • Leave a Comment