As frigid weather hits the middle of the country, energy consumption in America is set to rise in order to heat homes. At the same time, natural gas wells cannot be exploited as wells freeze all over the country.
Texas in particular is at risk of another freeze like it experienced in February 2021. Several hundred Texans died when mass power outages prevented proper heating. Newsmax reports:
U.S. natural gas output fell to a preliminary 11-month low on Sunday as frigid weather froze wells across the country, while gas demand for heating and power generation was on track to hit record highs.
In Texas the state’s power grid operator, the Electric Reliability Council of Texas (ERCOT), forecast electric demand on Tuesday would top last summer’s all-time high and warned power supplies could fall short on both Monday and Tuesday.
Oil and gas production is also down in North Dakota, a major energy producing state. While a grid collapse is not certain, energy prices are expected to rise as Americans continue to struggle paying bills. Reuters says:
In North Dakota, oil production was down by an estimated 250,000 to 280,000 barrels per day due to freezing weather, while gas output had fallen by 700 million to 800 million cubic feet per day, according to North Dakota Pipeline Authority.
Electricity supply and demand forecasts can change quickly, however, as power plant availability and weather patterns develop. The February 2021 freeze left millions in Texas without power, water and heat for days and resulted in over 200 deaths as ERCOT scrambled to prevent a grid collapse after an unusually large amount of generation shut.
Energy is difficult to store, and has to be continuously produced in order to meet demands. A mix of different energy sources, from nuclear, solar, wind, and fossil fuels, is the ideal way to hedge against energy shortages nationwide.
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