The US Energy Department declared a power emergency in Texas, citing a shortage of electricity as an...
The US Energy Department declared a power emergency in Texas, citing a shortage of electricity as an Arctic winter blast causes power plants to fail.
The order allows the state’s grid operator to exceed certain air pollution limits to boost generation amid record power demand in the state. The Electric Reliability Council of Texas, whose service area includes 90% of electric customers in Texas, requested the emergency order Friday, warning it may need to resort to blackouts.
“While the vast majority of generating units in the ERCOT region continue to operate without any problem, a small number of units have experienced operating difficulties due to cold weather or gas curtailments,” the Energy Department said in its order.
The order said 11,000 megawatts of coal and gas-fired power, 4,000 megawatts of wind and 1,700 megawatts of solar power were out or derated to weather conditions.
Benchmark U.S. crude oilfor February delivery rose $2.07 to $79.56 a barrel Friday. Brent crude for February delivery rose $2.94 to $83.92 a barrel.
Wholesale gasoline for January delivery rose 13 cents to $2.38 a gallon. January heating oilrose 14 cents to $3.27 a gallon. January natural gasrose 8 cents to $5.08 per 1,000 cubic feet.
Texas power prices spike more than 400% in one day as bomb cyclone sends energy demand soaring
Forecasts for below-freezing temperatures in Texas sent power...
Forecasts for below-freezing temperatures in Texas sent power prices surging more than 400% in the span of just one day.
In some parts of the state, prices for power to be delivered on Friday evening more than quintupled from the prior day, topping $500 per megawatt-hour, according to Bloomberg.
On Friday night, temperatures in Dallas, Austin and San Antonio are expected to dip below 20 degrees. Meanwhile, Houston will reach the low 20s, and even south Texas will be in the mid-20s.
Current expectations project electricity usage will climb to 70.9 gigawatts on Friday, according to the Electric Reliability Council of Texas, surpassing the previous record of 69.8 gigawatts. Put into context, one gigawatt is enough energy to power roughly 200,000 homes.
Stocks close with a pre-Christmas lift ahead of 3-day weekend
U.S. stocks ended higher in a choppy, preholiday session Friday as an inflation report and a raft of...
U.S. stocks ended higher in a choppy, preholiday session Friday as an inflation report and a raft of other data did little to change expectations that the Federal Reserve would likely continue hiking interest rates even if the economy slows.
The Dow Jones Industrial AverageDJIA rose 176.44 points, or 0.5%, to close at 33,203.93, posting a weekly advance of 0.9%.
The S&P 500SPX rose 22.43 points, or 0.6%, finishing at 3,844.82, leaving a weekly decline of 0.2%.
The Nasdaq CompositeCOMP finished at 10,497.86, rising 6.85 points, or 0.4%. For the week, the index dropped 1.9%.
The S&P 500 and Nasdaq were down for a third straight week. U.S. markets will be closed Monday in observance of Christmas Day, which falls on Sunday.
Eric Nuttall, a partner, and senior portfolio manager at Ninepoint Partners LP, has...
Eric Nuttall, a partner, and senior portfolio manager at Ninepoint Partners LP, has told the Financial Post that oil prices will return to $100 per barrel in 2023. According to the analysts, many of the headwinds that have cut short the oil price rally this year including China’s zero-Covid policy and the coordinated SPR releases by several governments will no longer be there in 2023. Coupled with sanctions on Russia’s oil and gas, this should elevate oil prices. He has also predicted that the energy sector will continue to outperform other market sectors due to the high demand for oil and gas stocks.
