"Texas isn’t well prepared for unusual Arctic weather," a hilariously understated bullet point from a Monday Bloomberg article flatly declared. Grid operator Electric Reliability Council of Texas, which manages some 90% of the state's electric load, said it "set a new winter peak demand record" on Sunday. Wholesale power prices jumped above $9,000 a megawatt-hour. For reference, that happened in August of 2019 as well, when temperatures in Dallas, for example, hit 103 degrees Fahrenheit. On
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5 thoughts on “Exceptions

  1. Stuff happens…Which is a reminder that when there is a narrative around certainty that because of central bank liquidity and fiscal insanity that in base case is uber-bullish risk assets, things can and often do change dramatically. There is always a backdrop of uncertainty which is dangerous to minimize. Just when you least expect it, things change.

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