1) In Petaluma, California the local city council unanimously voted to ban new gas stations, building on a two-year moratorium passed in early 2019. Petaluma is just 15 square miles in size, with a population of 61,000 and has 16 gas stations with another one recently approved. City officials consider that’s more than enough for all current and future residents. This decision is part of the city’s climate plan to get to zero emissions by 2030. There are multiple gas stations located within a five minute drive of every existing residence. The legislation also streamlines the process for stations to add electric vehicle chargers and potential hydrogen fuel cell stations in the future.
2) Millions of families in Texas were struggling in freezing temperatures without heat or running water. Losing these essential services can be life threatening, however that situation is all too familiar to millions of low income families across the nation, who are struggling to pay their utility bills. By the end of December, low income families owe more than $27 billion dollars for their gas and electric utilities, and with the combined rent and utilities their debt exceeds $70 billion. By the end of March, when the winter heating season is over, the numbers will be even higher.
3) Brazos Electric Power Cooperative Inc. is based in Waco, and provides power to many communities near Fort Worth. The electric cooperative with 1.5 million customers has filed for bankruptcy protection, saying it wants to protect customers from huge energy bills sent by ERCOT after last month’s historical winter storm. The CO-OP was a financially robust, stable company with perpetually strong credit ratings until the February 13-19 cold snap that essentially shut down Texas and caused widespread power outages. As a result of the catastrophic failures due to the storm, Brazos Electric received excessively high invoices by ERCOT for collateral and for purported cost of electric service, payment of which was required within days. The cooperative costs are passed through to its members, but Brazos Electric determined that it cannot and will not foist this catastrophic financial event on its members and those consumers. Brazos Electric supplies wholesale power to 16 member owner distribution cooperatives in 68 Texas counties.
4) Stock market closings for – 2 MAR 21:
Dow 1,391.52 down by 143.99
Nasdaq 13,358.79 down by 230.04
S&P 500 3,870.29 down by 31.53
10 Year Yield: down at 1.42%
Oil: down at $59.56