U.S. electricity prices soared due to frost

U.S. electricity prices soared due to frost

In the U.S. state of Texas, suppliers have sharply increased the price of electricity.

The reason for soaring prices were record-breaking frosts for the region. According to the U.S. Energy Information Administration, until recently, the average price of electricity in Texas was a little more than 12 cents per kilowatt-hour (about 5.8 rubles). However, last Friday the price jumped to 30 cents, and over the weekend the price tag rose even more.

With high demand and rising market prices, wholesale electricity prices on Monday exceeded $9,000 per megawatt hour. Meanwhile, the average U.S. utility customer uses about 0.87 megawatt hours each month.

Despite the high price, more than 4.4 million residents in Texas faced power outages. Authorities have launched an investigation to prevent further blackouts.

The blackouts have already resulted in victims. For example, four people, including three children, died in a fire while trying to keep warm in a house using a fireplace.

On February 15, it became known that oil production in the Permian Basin (Texas) collapsed by one million barrels per day. Due to record cold weather, wells were shut down, road traffic was disrupted and power was cut off. Equipment failures were also reported at several gas processing plants in the Permian Basin and the Anadarko Basin in Oklahoma.