Economist Podcasts Watts the problem: Texas’s energy failings
Feb 18, 2021
Join Alexandra Sewage Bass, a Dallas-based correspondent, as she unpacks Texas's energy crisis, revealing how issues like forecasting errors and equipment failures, not just renewable sources, contributed to massive blackouts. Alec Jha, a science correspondent, discusses the latest Mars rover missions, which are pushing the boundaries in the search for extraterrestrial life. Together, they explore the implications of Texas's energy failures for future policies while tapping into the excitement surrounding new discoveries beyond our planet.
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Texas Blackout Experiences
- Texans faced power outages, forcing some to seek refuge in hotels, only to experience further outages.
- Others bundled up in ski gear, enduring prolonged periods without heat or light, exceeding the anticipated "rolling blackout" durations.
Texas Blackout Causes
- The Texas blackouts stemmed from a combination of forecasting failures, equipment malfunctions, and market design flaws.
- ERCOT's underestimation of demand, coupled with widespread equipment failures across energy sources, exacerbated the crisis.
ERCOT Forecasting Failure
- ERCOT underestimated the severity of the winter storm's impact on energy demand, failing to adequately prepare.
- Their inaccurate forecast, compounded by the state's unprecedented winter energy demand, contributed significantly to the blackouts.