Energy Transfer posted its highest quarterly net income on record, more than three times its previous best quarter. What Abbott didn't mention was the massive windfall key industry players made during the freeze. Even though gas failed in its role as a reliable backup fuel during the freeze, Abbott pushed regulators in a letter to strengthen incentives for fossil fuel and nuclear generators while increasing 'reliability costs' for intermittent renewable power sources. This week, Governor Greg Abbott appeared to double down on his early assessment that wind and solar were prime culprits of the freeze. Texas lawmakers have set aside $10 billion to help natural gas utilities cover their natural gas costs from the storm through low-interest, state-backed bonds.Ī special legislative session convened Thursday but the agenda did not include any measures to fix the power grid. Millions of Texans are now faced with the prospect of paying higher gas prices for years as utilities seek to spread the cost over a decade or more. The BNEF estimate is based on spot prices at major hubs assessed by S&P Global Platts rather than private contracts, so is likely an upper limit of the total cost. The official autopsy of the great Texas winter blackout of February 2021 quickly established a clear timeline of events: Electric utilities cut off power to customers and distributors as well as natural gas producers, which in turn triggered a negative feedback loop that sunk the state deeper and. A further $3 billion was spent by utilities providing gas for cooking, heating and fireplaces. The cost of gas for power generation alone was about $8.1 billion, or 75 times normal levels. Soon customers will be saddled with the bill.Īnd it's a big one: The total comes to about $11.1 billion for a storm that lasted for just five days, according to estimates by BloombergNEF analysts Jade Patterson and Nakul Nair. Power producers were forced to pay top dollar in the spot market for whatever gas they could find. As the flow of gas cratered, everyone scrambled to secure enough supply, sparking one of the wildest price surges in history. From a report: Interviews with energy executives and an analysis of public records by Bloomberg News show that natural gas producers in the Permian shale basin began to drastically reduce output days before power companies cut them off. It's now becoming clear that while millions of Texans endured days of power cuts, the state's gas producers contributed to fuel shortages, allowing pipelines and traders to profit handsomely off them. All of these home appliances have a four-star rating or higher and include tons of positive customer reviews.The official autopsy of the great Texas winter blackout of February 2021 quickly established a clear timeline of events: Electric utilities cut off power to customers and distributors as well as natural gas producers, which in turn triggered a negative feedback loop that sunk the state deeper and deeper into frigid darkness. We've found slashed prices on top-rated refrigerators, ranges, washers and dryers and so much more, that suit a wide variety of budgets. Shop amazing deals on Samsung, LG, Whirlpool, Maytag appliances and more below. Hurry - these appliance deals won't last forever. We've selected the best appliance deals on customer-loved models and included everything you need to know about these devices below. The latest fridges, ranges, washing machines and electric dryers are outfitted with upgraded features, designed to be energy-efficient and include a whole bunch of smart features (including AI capabilities!) that older models just don't have. If you own an old home appliance, you're missing out. Who said buying a new home appliance has to break the bank? We've scoured the internet to bring you the best deals on the appliances you need right now. The experts at CBS Essentials have found the best appliance deals for your home in 2023. ![]() Kick off your summer with a new refrigerator, range or washer and dryer. The following day, Vistra Corp., the largest retail power provider in the country, received multiple force majeure notices from gas suppliers, explaining they would not be able to fulfill their contractual obligations to supply the required volumes of gas. Promotions are subject to availability and retailer terms. We may receive commissions from some links to products on this page. During the February freeze event, which killed more than 200 people and caused an estimated 300 billion in economic damage, natural gas prices soared to levels unseen in Texas. CBS Essentials is created independently of the CBS News editorial staff.
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