Live Breaking News & Updates on Swan Winter Event

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Beginning on February 13, 2021, something unprecedented happened in the state of Texas a winter storm caused temperatures to dip well-below freezing.  This event, dubbed the “Black Swan Winter Event,” caused Texas to experience a catastrophic energy crisis.  As demand for energy soared, supply plummeted as power plants tripped offline and natural gas supply lines froze.  The storm raged on, and on February 16, the Public Utility Commission of Texas (“PUCT”), which oversees the Electric Reliability Council of Texas, Inc. (“ERCOT”), issued a directive to ERCOT (an independent system operator that serves as a clearinghouse for market transactions between electricity buyers and sellers throughout the majority of Texas) instructing it to raise prices to $9,000 per MWh.  The previous three months’ average was between $21 and $29 per MWh. ....

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