"In February 2021, a winter storm swept across the U.S. and numbed Texas with record-breaking low temperatures. Just as heating demand skyrocketed, many natural gas plants and a handful of wind turbines failed due to the freezing conditions, causing a devastating blackout across the state - 4.8 million homes lost power, and 246 people died."
"The Texas power crisis caused such widespread damage partly because of the uniquely isolated nature of the state's electricity grid. In the rest of the U.S., utilities have more options for buying electricity, enabling them to top up when supply dips or demand surges. Groups of power generators and utilities that trade this way are called energy markets."
"Now, markets are merging across the Western U.S. California's market is opening up to the entire region, and a competing market based in Arkansas is also recruiting new members. Participants will be able to export and import energy across a larger geographical area - and more competitively, too. In an expanded energy market, utilities can work together to avert straining the grid and buy cheaper energy from a more extensive menu of traders."
In February 2021 a winter storm caused record-low temperatures in Texas, triggering failures at many natural gas plants and some wind turbines just as heating demand surged. The resulting blackout left 4.8 million homes without power, caused 246 deaths, and generated electricity bills exceeding $5,000 for some customers over five days as prices jumped 360-fold. The crisis was worsened by Texas's isolated electricity grid, which limited options to import power. Organized regional energy markets allow utilities to buy power when supply is tight. Western U.S. markets are now merging, enabling wider trade, improved economic efficiency, and greater ability to avert grid strain.
Read at High Country News
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