On Tuesday, CNBC reported that more than 4 million people were without power in Texas, according to poweroutage.us. Gas prices also increased as a higher demand put pressure on the system and Texans needed fuel.
“The majority of heating needs are met via electrical baseboard of heat pumps in the southern region,” said John Kilduff, founding partner at Again Capital, according to CNBC. “The demand for electricity, over the weekend, rivaled peak summer heatwave levels.”
The cold southern weather created a situation where fuel demand increased at the same time production capabilities were stymied. Energy prices went up as a result. The electric grid struggled to keep up with the need, which made some utilities enforce blackouts.
“The storm that has crippled the Midwest and North East was much worse than expected,” said Jeff Kilburg, CEO at KKM
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