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Deep freeze sends Texas electricity prices soaring 10,000%

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(CNN Business)Editor's Note: A version of this story appeared in CNN Business' Nightcap newsletter. To get it in your inbox, sign up for free, .Tonight: A deep freeze sends Texas electricity prices soaring 10,000%; Citibank can't fix a $500 million oopsie; and vegan KitKats are now a thing. Let's get into it.Unthinkably cold temperatures have knocked Texas' energy facilities offline.&nbsp;Electricity prices spiked more than 10,000% when the winter storm hit this week. There are blackouts across the state. More than 4 million Texans were without power early Tuesday.Read MorePOINTING FINGERSAlthough some are attempting to pin the blame on one fuel source or another, the reality is that the Arctic temperatures are hobbling fossil fuels and renewable energy alike, my colleague Matt Egan .&nbsp;It's striking that these power outages are happening in mighty Texas, the energy powerhouse of America. A bit of context:&nbsp;WHAT HAPPENED?So how did such a powerhouse get knocked so thoroughly offline?&nbsp;We may not know the full definitive reason for a while, but a few things are clear:In other words: "When it comes to electricity, what happens in Texas stays in Texas," said Dan Cohan, associate professor of environmental engineering at Rice University. "That has really come back to bite us." RELATED: Ford is , which makes its best-selling F-150 pickup, because of a&nbsp;shortage of natural gas&nbsp;caused by&nbsp;severe winter weather&nbsp;hitting much of the country . — US District Court Judge Jesse FurmanCiti just . Last year, the bank fat-fingered $900 million to lenders for cosmetics company Revlon. Some lenders returned the erroneous funds, but others refused, prompting Citi to sue to recover half a billion dollars. On Tuesday, a federal judge said — and I'm paraphrasing here — lol no.&nbsp;BIG CHICKENAnother day, another escalation of the Chicken Sandwich Wars. At this point, you gotta do something special to make your sandwich stand out, so McDonald's is building buzz for its three new chickie sammies with&nbsp;, which includes&nbsp;a hoodie, a vinyl recording of a custom song and, of course, a sandwich. (The&nbsp;star has got to be the hoodie, which comes in a hue that I can best describe as&nbsp;a&nbsp;"light fried chicken color.") BIG VEGANNow for basically the opposite of chicken sandwiches: .&nbsp;Instead of dairy,&nbsp;KitKat V will use a rice-based alternative. Healthier? Nah. But more inclusive of people who eat plant-based diets? Yes!Bitcoin on Tuesday. That statement might have sounded like a joke a year ago, when the crypto cost $10,000. But bitcoin has skyrocketed during the pandemic thanks to rock-bottom interest rates that have severely weakened the US dollar. That makes bitcoin,&nbsp;a&nbsp;comparatively&nbsp;attractive currency.

(CNN Business)Editor's Note: A version of this story appeared in CNN Business' Nightcap newsletter. To get it in your inbox, sign up for free, .Tonight: A deep freeze sends Texas electricity prices soaring 10,000%; Citibank can't fix a $500 million oopsie; and vegan KitKats are now a thing. Let's get into it.Unthinkably cold temperatures have knocked Texas' energy facilities offline.&nbsp;Electricity prices spiked more than 10,000% when the winter storm hit this week. There are blackouts across the state. More than 4 million Texans were without power early Tuesday.Read MorePOINTING...

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Business and crypto reporter  @CNN . Lead writer of the CNN Business Nightcap newsletter. Low-key expert on cults. Formerly  @WSJ

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Deep freeze sends Texas electricity prices soaring 10,000%

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