Texas power prices spike more than 400% in one day as bomb cyclone sends energy demand soaring

Forecasts for temperatures below freezing in Texas caused electricity prices to jump more than 400% in the span of just one day.

Temperatures are expected to drop below 20 degrees in Dallas, Austin and San Antonio

Project electricity use will climb to 70.9 gigawatts on  according to the Electric Reliability Council of Texas

About 53,000 residents of Texas were facing power outages.

Officials are confident that the power grid can handle the increased demand.

Put in context, one gigawatt of energy is enough to power approximately 200,000 homes.