The Texas Cold Snap — Where Do We Go from Here?

Texas’ energy infrastructure, despite being warned after the 2011 freeze about the critical vulnerability of our fuel supplies and power supply system, found itself frozen from a cold weather event that no one thought likely … or even possible. Our natural gas producing infrastructure was not weatherized. Our power plant and transmission infrastructure were not weatherized. As a result, millions of Texans were plunged into a nightmare of no heat, bursting water pipes, and in some cases, lack of access to water. As of today, at least 31 deaths have been directly attributed to the failure of Texas’ energy system. On Feb. 22, our power analytics team gave an excellent presentation on what went wrong during the historic freeze that led to ERCOT’s power failures. The chart above compares the coldest low temperatures during Texas’ biggest cold snaps. The 2011 storm temperatures were clearly outliers. 2011 wasn’t that cold at all in comparison to storms in the 20th century. Ten years ago, no one in our industry would have: Predicated a negative price for oil or the rapidity with which private equity and Wall Street pivoted from shale investors to ESG adopters. Learned from the lessons of the Super Bowl… continue reading

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Source: CTRM Center

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