Energy prices jumped Tuesday as a deep freeze in the South boosted demand for fuel and hampered production.
More than 4 million people were without power across Texas on Tuesday morning, according to poweroutage.us, as the electric grid couldn’t keep up with heightened demand, forcing utilities to implement rolling blackouts in some cases.
“The majority of heating needs are met via electrical baseboard or heat pumps in the southern region,” said John Kilduff, founding partner at Again Capital. “The demand for electricity over the weekend rivaled peak summer heat-wave levels.”
