POLITICO
Texas and California built different power grids, but neither stood up to climate change
The winter storm that crippled Texas this week and heat wave the hit California last summer show much more needs to be done to protect power supplies from extreme weather.
An Oncor Electric Delivery crew works on restoring power to a neighborhood following the winter storm that passed through Texas. | Eli Hartman/Odessa American via AP
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Texas and California may be worlds apart in their politics and climate policies, but they have something in common: Extreme weather crashed their power grids and left people stranded in the dark.
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Loeb said his firm was able to "sidestep substantial losses" by sticking with "higher net and low gross exposure" and by cutting its losses after "a few previous painful experiences of our own taking positions against companies with large short interests."