Entergy turned over its grid control to MISO, as well as built a (huge waste of a) gas peaker plant that I will concede was used in this situation but probably wasn't needed given our connection with other states. Louisiana may be an economic colony of Texas, but please don't drag us into apologia for the national media or Texas' poor decisions.
In Louisiana 2 million people lost power (42% of the state population), 800k had to boil water (17%), and 5 people died (1 of every 940k).
In Texas 4.5 million people lost power (17% of the state population), 12 million had water problems (43%), and 40 deaths as of a few days ago (1 of every 685k).
I don't think my comparing the two states to prove a point was out of bounds. The numbers show significant impact in both of them. I know Oklahama got it pretty bad, and Mexico was impacted. Cold weather kills. Water pipes were going to freeze regardless of electricity. People don't go to shelters when they should. I know the numbers are not the complete picture, but back to the original point: This was a 100 year cold spell, not a free market failure.
I'm not sure of your angle, I might be misunderstanding your comment. I didn't mean to trash Louisiana. It's understandable that this record cold would cause problems. I don't think it's fair to single Texas out, and the numbers above support that.
[0] https://www.texasmonthly.com/news/blackout-crisis-texans-ele... [1] https://www.ft.com/content/12640ebb-5c20-4d00-aec0-9c8810541...
I'm just finished reading about the people in Texas who got $10k bills. I'm wondering if these people, residential customers, knew the rate limits were increased for those 32 hours? It's not fair if they don't have a mechanism to monitor or limit the rate they're willing to pay. I wouldn't call that a complete failure of their system, but it needs to be made right. A 10k surprise bill sucks. They pushed the risk to these people, and the regulators there knew it. I don't know where the money is going. I'd try to negotiate it down. I also think it should be easier to declare bankruptcy. People are more important than companies. I'm hoping they get bailed out at some point, they are as deserving as anyone else. I'd be outraged if people don't get the tools to monitor and limit their usage rates.
https://www.houstonchronicle.com/business/energy/article/A-t...
I still wouldn't characterize this as a "free market failure", implying there is no room for competition, or everything needs to be the same as the rest of the country.
I paid a lot of attention to the following from the grandparent's linked texasmonthly.com article: "You essentially pay up front for peace of mind. But because neither regulators nor state lawmakers ordered anybody to pay, nothing was done." (regarding winterizing, costs to keep the grid robust, etc)
I assume that the regulators and the politicians weren't smart enough to do their part. Free markets can be great, can be better than too much regulation, but need to be tempered by the people's interests. The politicians involved failed big time. Didn't they think past their next reelection? Hopefully they make adjustments, both in their current regulations, and in the processes around reviewing and maintaining those regulations. I'm disgusted at the oversights that led to this. They had regulators who were responsible for this stuff! I'm curious how this will play out.
On a related note, it's not a free market if the customers don't know when the price increases a hundred fold or more.
Texas was not the only area that had problems. Louisiana is regulated and had outages, people with no potable water, etc [0] Nearby states did not have available power to send via the interconnects. It was really cold for a really long time. Everyone talks about how it snowed ten years ago in Austin. I know, I was there. But do they also mention that this cold spell was the worst cold spell in 100 years?
There are many bad things that can happen in this world, we can't afford to prevent all of them. As a society we do not have unlimited money to spend, decisions need to be made, sometimes we have to muddle through. Societies have to prioritize where to spend their limited resources.
I get the feeling that there's a lot of partisan politics involved in the dialogue around things like this, always in hindsight! I don't understand the urge people have to knock down others who are doing something different. Not everyone thinks the way you or I do. The Texas power system has its pros and cons. They've been enjoying cheap power for a long time. They, along with others, struggled during this record cold. I don't understand why this needs to be a partisan issue, or what business it is of anybody outside of Texas. I'm sure they'll make adjustments and improvements to their system. They get to decide, it's their system, right?
I wouldn't say that regulation is a failed model because the power went out in Louisiana. I also don't agree that markets are to blame for a 100-year cold snap in Texas. Disasters happen.
(Note that I don't necessarily agree with the parent you were replying to. I grew up in a city like the ones mentioned, and the problems were more due to corruption, I believe. Politicians are not our friends, none of them.)
[0] https://www.forbes.com/sites/carlieporterfield/2021/02/17/te...