Name: Financial fallout from the Texas deep freeze
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Financial fallout from the Texas deep freeze

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Illustration: Annelise Capossela/AxiosTexas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.Catch up quick: There was a "cascading failure of infrastructures" in the wake of the statewide cold front, says Josh Rhodes, a research fellow at the University of Texas at Austin's Webber Energy Group.What's happening: Electricity providers can't pay the Electric Reliability Council of Texas (ERCOT), which operates the state's power grid, for the power they used.The domino-effect fallout from the massive price spike is still taking shape. Just this week ... Also this week: Heads started to roll at the top decision-making bodies. Between the lines: Regulators said today they aren't going to retroactively reprice electricity costs — even though a watchdog said they overcharged companies by as much as $16 billion, the Texas Tribune reported.What to watch ... The worst-case scenario: Residents on the hook for decades.Electric Reliability Council of Texas CEO Bill Magness, who heads the independent nonprofit entity that operates and manages the electricity grid for much of Texas, was fired Wednesday night, the .Why it matters: It's the latest fallout from last month's fatal power outages after extremely low temperatures that caused multiple types of generation to fail.Geopolitical tensions are foiling efforts to get to the bottom of how COVID-19 originated.Why it matters: Insights into how COVID-19 began can help us prevent future pandemics — especially if it involved any kind of leak or accident at a virology lab.Vaccines: — Health: FDA authorizes — CDC: .Economy: .Politics: delays Senate debate.World: In AstraZeneca spat, .States: California theme parks, sports stadiums — on restaurants, many businesses — Oregon governor orders .

Illustration: Annelise Capossela/AxiosTexas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.Catch up quick: There was a "cascading failure of infrastructures" in the wake of the statewide...

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Financial fallout from the Texas deep freeze

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