Texas Still Reeling As Country, Companies, And Traders Assess Damage From Winter Storm's Strike On Energy Grid

Texas Still Reeling As Country, Companies And Traders Assess Damage From Winter Storm's Strike On Energy Grid

Photo by Anil Kumar Shrestha on Unsplash.

The U.S. is still coming to grips with what Bloomberg News described today as "one of the most remarkable weeks in power and gas market history." A blast of cold weather triggered blackouts and disruptions to water systems throughout the week, after Texas experienced one of its coldest days on record on Monday.

Tens of millions of people have been affected by lack of power and water since then. More than 4 million of Texas' 29 million people had no power at one point, and the water supply of over 14.5 million people were affected as the extreme cold caused pipes to freeze and burst, according to Reuters.

Texas has a deregulated power market that is largely cut off from the rest of the country's. Warning signs came two days before Monday's events, when a sudden loss of power hit the grid. That, and a similar but smaller event in 2011, has drawn criticism against operators for failing to adequately prepare.

About 65,000 customers of ERCOT, the state's main grid operator, remained without power as of Saturday afternoon. State health officials have linked more than two dozen deaths to the power crisis. About half of the state is still experiencing water disruptions, Reuters reported Saturday. Here are some more of the headlines from this weekend's media coverage of the Texas energy crisis:

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Gary Anglebrandt contributed to this report.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Texan Hunter 1 week ago Member's comment

#Biden and his DOE bear the responsibility for the Texas debacle. Texas is required by DOE to run coal and nat gas power plants at 60% max to reduce emissions. They asked the Biden DOE for a waiver to go to 100% when it was clear wind and solar would fail and they were REFUSED.