Texas Power Prices Explode As Dallas Freezes

While the coasts dominated the headlines in the latest chillpocalypse to cross America, freezing weather in Texas has sparked a panic-bid for wholesale electricity in the lone star state.

Dallas temperatures plunged to 29 degrees Fahrenheit (minus 2 Celsius) by 8 a.m. local time Wednesday, according to the National Weather Service.

Which prompted people to blast their heaters to keep warm, driving power demand well above forecasts prepared by the state’s grid operator.

As Bloomberg reports, spot electricity at a northern hub in Texas jumped 461 percent to average $118.77 a megawatt-hour for the hour ended 10 a.m. local time. Prices spiked to as high as $140.22, the most since April of last year.

Making matters worse: Texas’s abundance of wind power has failed to help, with generation from farms falling below forecasts.