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.

[{"selector":"#anim-f37451a7-5ecb-482f-ba1e-288f5826a18d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(1.6446325805372446%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-39f6db2a-7353-436c-ab4d-dbd228b225a5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-96b8cd8f-d6da-4308-a975-eb22c6f14f81","keyframes":{"transform":["translate3d(0px, -248.68364%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-fbc4e3be-18bb-4b53-a311-a114de41ada1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(2.558317347502374%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-d6237e79-c682-4707-90f4-362607b92d94","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eb972ef6-aa15-4c00-94de-82311dc9af3c","keyframes":{"transform":["translate3d(-129.60288%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-c0319dfa-8313-4f6b-927a-0cdcd078b0ab [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-3ae9677c-b896-4a4c-b606-5194b24d9a23","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a39fb493-3475-480e-a16a-c598104b5bed","keyframes":{"transform":["translate3d(0px, -297.1255%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-f751682e-c5ba-4ad6-a184-a5ce03f3ccda [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(6.030319461969885%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-5d100d43-0222-4a98-aad5-09cc815883ba","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2d91512f-a3a2-4404-a3b3-40fb04e00e5b","keyframes":{"transform":["translate3d(0px, 234.97944%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-b5cf2ded-583e-461d-88ac-b620503f9749 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b37a95f7-60fa-42dd-9d09-bd188b8c9d0b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0ba11c25-3b3f-47c1-a397-642654e3e520","keyframes":{"transform":["translate3d(135.53720%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-c1bb7c7d-9f40-4493-a4d8-c24c2f1cef5b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-3.552713678800501e-15%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-aee869c1-51db-42da-8d15-09519ba079ac","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]