Tonight: A deep freeze sends Texas electricity prices soaring 10,000%; Citibank cannot repair a $500 million oopsie; and vegan KitKats at the moment are a factor. Let’s get into it.

Electricity prices spiked greater than 10,000% when the winter storm hit this week. There are blackouts throughout the state. More than 4 million Texans had been with out energy early Tuesday.

POINTING FINGERS

Although some are trying to pin the blame on one gasoline supply or one other, the truth is that the Arctic temperatures are hobbling fossil fuels and renewable power alike, my colleague Matt Egan explains

It’s putting that these energy outages are taking place in mighty Texas, the power powerhouse of America. A little bit of context: 

  • Texas produces extra electricity than another US state — producing nearly twice as a lot as Florida, the next-closest, based on federal statistics.
  • Texas is the No. 1 state in each crude oil and pure gasoline.
  • Wind energy can also be booming in Texas, which produced about 28% of all of the US wind-powered electricity in 2019.


WHAT HAPPENED?

So how did such a powerhouse get knocked so totally offline? 

We could not know the total definitive cause for some time, however a number of issues are clear:

  • Obviously, Texas winters ain’t often this chilly. The state’s infrastructure is just not ready for a deep freeze. 
  • Critics of renewables will attempt to blame wind generators, however specialists notice that wind makes up a small share of Texas’ power consumption.
  • It’s additionally price poinitng out that a number of chillier locations have wind generators that do not buckle within the chilly — hey, Iowa; hej hej, Denmark — they simply have to be winterized, a step specialists stated Texas has skipped. 
  • The Lone Star State is … on their lonesome. Texas made a aware choice to isolate its power grid from the remainder of the nation. That implies that when issues are operating easily, it will possibly’t export extra energy to neighboring states. And within the present disaster, it will possibly’t import energy both. 


In different phrases: “When it comes to electricity, what happens in Texas stays in Texas,” stated Dan Cohan, affiliate professor of environmental engineering at Rice University. “That has really come back to bite us.”


RELATED: Ford is shutting its Kansas City meeting plant, which makes its best-selling F-150 pickup, due to a scarcity of pure gasoline attributable to extreme winter climate hitting a lot of the nation .

QUOTE OF THE DAY

To imagine that Citibank, probably the most subtle monetary establishments on this planet, had made a mistake that had by no means occurred earlier than, to the tune of almost $1 billion — would have been borderline irrational.

— US District Court Judge Jesse Furman

Citi simply misplaced a bid to repair a serious oopsie. Last yr, the financial institution fat-fingered $900 million to lenders for cosmetics firm Revlon. Some lenders returned the misguided funds, however others refused, prompting Citi to sue to get well half a billion {dollars}. On Tuesday, a federal choose stated — and I’m paraphrasing right here — lol no. 

THE FOOD BUSINESS

BIG CHICKEN

Another day, one other escalation of the Chicken Sandwich Wars. At this level, you gotta do one thing particular to make your sandwich stand out, so McDonald’s is constructing buzz for its three new chickie sammies with a restricted version $5 swag bundle, which incorporates a hoodie, a vinyl recording of a customized music and, after all, a sandwich. (The star has obtained to be the hoodie, which is available in a hue that I can finest describe as a “light fried chicken color.”)

BIG VEGAN

Now for principally the alternative of hen sandwiches: We have vegan KitKats now. Instead of dairy, KitKat V will use a rice-based various. Healthier? Nah. But extra inclusive of people that eat plant-based diets? Yes!

NUMBER OF THE DAY

$50,000

Bitcoin hit an all-time excessive above $50,000 on Tuesday. That assertion may need appeared like a joke a yr in the past, when the crypto price $10,000. But bitcoin has skyrocketed in the course of the pandemic because of rock-bottom rates of interest which have severely weakened the US greenback. That makes bitcoin, a comparatively engaging foreign money.

WHAT ELSE IS GOING ON

  • Move over, Robinhood, right here comes Goldman Sachs. The funding financial institution unveiled Marcus Invest, a brand new robo-adviser geared towards the typical investor.
  • Marriott International’s president and CEO Arne Sorenson died Monday following an almost two-year battle with pancreatic most cancers, the resort chain introduced Tuesday.

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