Combine historic cold temps with heavy blankets of ice, sleet, and snow. Then ask a midstream operator in Okla., or Texas if they’re busy these days. Reese Energy Consulting is following the latest news as we can keep up with on the winter apocalypse that’s hanging on like an in-law who doesn’t know it’s time to go home. By now you’ve either heard, or experienced firsthand, the havoc an unprecedented Arctic storm can wreak on critical energy infrastructure. REC clients report shutting wells, freezing or frozen pipelines. and paralyzed processing plants while trying to dispatch every available natural gas molecule from storage facilities to overworked utilities. A 40+% reliance on renewable energy at power plants couldn’t pass the smell test as wind turbines froze in Texas and Okla. More than 4.2 million outages were reported across Texas this morning all the way south to Galveston coupled with rolling blackouts in both states. As a result of all this meteorological madness, Monday’s spot price of electricity in Texas shot up 10,000% from $50 to $9,000 per megawatt and natural gas prices are singing opera.
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