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Texas power prices soared 20,000% Wednesday evening amid another brutal heat wave.
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Spot electricity prices topped $5,000 per megawatt-hour, up more than 200 times from Wednesday morning.
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The state’s grid operator issued its second-highest energy emergency, then later said conditions returned to normal.
The problem is ideology. The Texas power grid is the end state of neo-liberalism taken to the extreme.
The belief that natural monopolies should be privately controlled with minimum regulations has lead to this. A power grid run for maximum short term profit with minimum investment. The grids poorly maintained, because that doesn’t make money. The grid is unfit, because implementing designs that cover the extremes is expensive. The price is excessive because the state is ideologically unwilling to intervene.