1) Griddy Energy, the Texas power retailer, filed for bankruptcy, becoming the latest casualty of the cold weather blast and sweeping blackouts that pushed electricity prices to historic highs. The company, after its customers received exorbitant power bills, blamed its downfall on Texas’s grid operator Ercot who is blamed for destroying Griddy’s business. Griddy is at least the third to file for bankruptcy. Ercot owes more than $29 million dollars, making the grid operator Texas’ largest unsecured creditor. Texas is unusual in the U.S. in that homeowners and businesses can choose from a number of power providers. Griddy charges wholesale prices instead of fixed ones, and knowing that rate structure would mean massive bills for its customers as power prices climbed, the company made the unusual move of pleading with customers to switch to another provider in mid-February, but some customers who didn’t switch in time were stuck with bills for thousands of dollars.
2) The world’s three biggest consumers of coal, the most dirty of the fossil fuels, are getting ready to boost usage so much that it’ll almost be as if the pandemic-induced drop in emissions never happened. The U.S. power plants will consume 16% more coal this year, and then an additional 3% in 2022. China and India, which together account for almost two-thirds of coal demand, have no plans to cut back in the near term. This means higher emissions, and in the U.S., the gains may undermine President Biden’s push to reestablish America as an environmental leader and raise pressure for him to quickly implement his climate agenda. Coal consumption at U.S. power plants is almost returning to 2019 levels. While in recent years, China has reduced the share of coal in their energy mix, total power consumption has risen, so its usage has also climbed. China has the world’s largest number of coal-fired power plants, so it’ll be tough to shift to alternatives. India is also a very long way from a clean grid, with coal continuing to account for around 70% of its electrical generation. Consumption at their power plants will rise 10% this year, and is set to increase every year through at least 2027.
3) Although little known to most people, sand is another natural resource becoming scarce. So China has launched a crackdown on illegal sand mining operations on the Yangtze river, which have made large parts of central China more vulnerable to drought. Sand mining in the river and its connecting lakes and tributaries has also affected shipping routes and made it harder for authorities to control summer floods.
4) Stock market closings for – 17 MAR 21:
Dow 33,015.37 up by 189.42 Nasdaq 13,525.20 up by 53.64 S&P 500 3,974.12 up by 11.41
1) Demand for natural gas is currently at an unprecedented level according to Atmos Energy, because of freezing rain, snow, ice and dangerous travel conditions. Atmos Energy is asking all of its customers and businesses to conserve as much energy as possible. The Dallas-based natural-gas-only company is one of the nation’s largest distributors, serving about three million customers in more than 1,400 communities in nine states. This request comes after a new Winter Storm Warning was issued for all of North Texas while millions in the state remain without power. Atmos Energy has offered their customers a number of suggestions on how they can limit their energy usage.
2) Texas produces more energy than any other state, yet in the midst of the arctic freeze gripping the central U.S., Texas is faced with insufficient energy for its citizens. The arctic freeze gripping the central U.S. is raising the specter of power outages in Texas. The deep freeze this week in the Lone Star state, is causing power demand to skyrocket. The people of Texas relies on electricity to heat many homes, while at the same time, natural gas, coal, wind and nuclear facilities in Texas have been knocked offline by the unthinkably low temperatures. This situation could have wide-reaching implications as the US power industry attempts to slash carbon emissions in response to the climate crisis and move away from fossil fuels. Texas has been hit with life-threatening blackouts. More than 4 million people in the state were without power early Tuesday. Authorities defended the controlled outages, called rolling blackouts, which kept the grid from collapsing. The situation raises the question that if a state like Texas is now having trouble meeting its energy requirements, then how will the other states fare as America moves to a green energy environment.
3) Motorola Solutions has consolidated its video security and AI video analytics production into a newly renovated manufacturing facility in Richardson Texas, with plans to expand staffing in the coming year. The new facility opened in January housing 250 employees, with plans to expand by at least another 50 this year. Motorola acquired the camera and analytics company Avigilon, for a reported $1 billion in February 2018 and the Fort Worth based license plate recognition camera and software maker Vigilant Solutions in January for $445 million. In March 2019, it bought voice-over IP dispatch console maker Avtec, then Watchguard, which designs and sells in-car video systems and police body cameras to law enforcement agencies. Two additional California-based companies Pelco and Scotland-based IndigoVision were also added to Motorola’s growing security abilities.
4) Stock market closings for – 17 FEB 21:
Dow 31,613.02 up by 90.27 Nasdaq 13,965.50 down by 82.00 S&P 500 3,931.33 down by 1.26