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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.
In all fairness, Texas has an incredibly weird, idealistic, view of the value of market forces and their government utterly fails in its job as a result.
It’s not just power lines. It’s everything. They distort their market on ideological lines and then assume that’s the best case.
Too be fair, it is the best case if you’re one of the rich assholes who owns everything and just wants to squeeze the poors.