Since May the price of a basket of oil, coal and gas has soared by 95%.
- Britain, host of the COP26 summit, has turned its coal-fired power stations back on
- Vladimir Putin just reminded Europe that its supply of fuel relies on Russian goodwill.
- US Gas prices have hit $3 a gallon
- Blackouts have engulfed China and India.
The finger-pointing began immediately: It was the frozen wind turbines that foolishly replaced traditional sources. No, fossil fuels were at fault. No, Texas's deregulated power market, unique in the country, had allowed companies to skimp on maintenance and upgrades.
As the hours ticked by and millions more were plunged into frozen darkness, a more sober reality emerged. The greatest forced blackout in U.S. history, as this event has almost certainly become, was the result of a systemic and multifaceted failure. There are no promises of when power will be restored and little likelihood that the episode won't be repeated in a corner of the country hard hit by climate change.
"This feels like a technical design failure," said Michael Webber, who founded the Webber Energy Group at the University of Texas at Austin and serves as chief science and technology officer at French utility Engie.
Power plants weren't fully weatherized, wiping out generation capacity. The ones that were still standing struggled to get enough fuel, with shale wells experiencing so-called freeze-offs. Many wind turbines stopped spinning. Texas, with a grid notoriously isolated from the rest of the U.S., was unable to call on neighboring states for help.
Still, as the pressure dropped last week and frigid air descended from the north, some saw what was coming and felt like they were witnessing a train crash.
