![]() Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “The effects of climate change are already apparent,” FERC Chairman Richard Glick said Monday, “and we must do everything we can within our statutory authority to ensure that the electric grid is capable of keeping the lights on in the face of extreme weather.” “This Arctic blast highlighted weakness in our energy infrastructure that will likely be challenged and stressed more often in the future as a result of more frequent extreme weather events,” Behnam said.įERC also said it will open a new investigation to examine the “threat that climate change and extreme weather events pose to electric reliability.” Texas officials are investigating outrageous energy bills in storm price surge (Photo by Joe Raedle/Getty Images) Joe Raedle/Getty Images Amid days of nationwide frigid winter storms in which 58 people died, more than 4 million Texans were without power for much of the past week, with about 13 million Texans being forced to boil tap water in the aftermath of the strain on infrastructure. Although some politicians initially tried to blame frozen wind turbines, Energy Department officials said the power crisis was “largely driven” by coal, gas and nuclear sites going offline.ĪUSTIN, TEXAS - FEBRUARY 19: An aerial view from a drone shows electrical lines running through a neighborhood on Februin Austin, Texas. The deep freeze caused chaos in the Texas energy system, derailing a wide variety of fuel sources, including natural gas, coal, nuclear and wind. Meanwhile the Federal Energy Regulatory Commission announced Monday it is investigating possible market manipulation in the natural gas and electricity sectors during last week’s energy crisis. “These drastic price increases are forcing utilities and other natural gas users to incur exorbitant costs, much of which could be passed along to consumers in the form of higher electric or natural gas bills over the next year,” Smith wrote.īehnam said Tuesday that the CFTC is “prepared to do whatever is necessary to protect the integrity of our markets,” noting that the agency is looking specifically at areas where there is a “federal nexus” with CFTC regulated markets and futures contracts traded on exchanges. ![]() She pointed to how natural gas prices spiked in some cases to nearly 100 times typical levels. Why the Texas power catastrophe could happen in your state, tooĭemocratic Senator Tina Smith of Minnesota wrote a letter to regulators Saturday urging them to investigate possible price gouging for natural gas. Photographer: Cooper Neill/Bloomberg via Getty Images Cooper Neill/Bloomberg/Getty Images showed few signs of abating Tuesday as blackouts left almost 5 million customers without electricity, while refineries and oil wells were shut during unprecedented freezing weather. A utilities truck drives down the street during a power outage in McKinney, Texas, U.S., on Tuesday, Feb. ![]()
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