The Washington Post reports:
With its ill-equipped natural gas systems clocked by the cold, Texas’s exports across the Rio Grande froze up and 4.7 million customers in northern Mexico went without electricity — more than in Texas itself. The spot price of gas jumped 30-fold as far west as Southern California.
And all the way up by the Canadian border, gas utilities in Minnesota that turned to the daily spot market to meet demand say they had to pay about $800 million more than planned over the course of just five days as the Texas freeze-up pinched off supplies.
The Texas market is so large — second only to California’s — and its natural gas industry is so predominant that when things go wrong there, the impacts can be felt across the country.
Read the full article. Utility companies are planning to recoup the cost by adding a surcharge to customers’ bills, a move that must first pass state regulators.
When Texas’ natural gas supplies froze up, prices soared, and now Minnesota’s customers are looking at an $800 million bill. One utility, headquartered in Houston, is taking an especially aggressive tack. https://t.co/YYnhBpSID0
— The Washington Post (@washingtonpost) April 22, 2021