Surging Texas Power Prices Promise Both Doom and Riches
- Some providers will make a year’s worth of revenue in days
- Retail electricity providers facing huge losses, bankruptcy
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Skyrocketing electricity prices in Texas are creating a financial windfall for power generators able to supply energy during the unprecedented cold spell. For companies unable to deliver, losses may be monumental.
Power sold on Texas’s main grid likely totaled $10 billion on Monday based on extraordinarily high prices and demand, according to Wade Schauer, research director of Americas power and renewables at Wood Mackenzie. It may end up being higher after the Public Utility Commission of Texas moved to raise some prices to reflect scarcity.