Oh, the weather outside is…expensive?
As summer continues to boil on, we are seeing hurricane season begin to rear its ugly head. As climate change increases, so can the intensity of the storms. California and Texas are just two states dealing with extreme weather; California enduring a hurricane coupled with an earthquake. Texas has seen its fair share of heat waves, with one in earlier this month sending energy prices soaring.
Prices inflated to over 800% as extreme heat put more strain on the state’s power grid. Electricity prices went from an already high of $275 to over $2,500/megawatt-hour within 24 hours.
Unfortunately, as climate change continues to be a major issue, so does extreme weather. In 2023, however, how are power grids still going down? While power grids date back to 1882 and the days of Thomas Edison, not much has changed when it comes to the basic structure. Yes, the grids are large enough to provide for the entire country, but many grids, especially privatized ones, are heavily outdated.
Texas is a perfect example. Extreme weather in both the summer and winter months with outdated, privatized power grids caused millions to spend icy cold days without power.