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Regulators examine Texas energy market after natural gas prices soared 10,000% – Pittsburgh, Pennsylvania

Pittsburgh, Pennsylvania 2021-02-23 11:23:00 –

Above video: Federal regulators are watching Texas’s energy market carefully after natural gas prices soared during a severe freeze last week. Deputy Chairman of the US Commodity Futures Trading Commission, Lostine Benham, said in a speech Tuesday, “We warn that extreme weather will continue to stress the power grid.” Irregularities in the Texas energy market after the freeze last week. We are monitoring. ” Unusually low temperatures caused life-threatening power outages, causing millions of Texas people to lose power for days. And the inhabitants of the state were struck by the energy crisis, but the impact was widespread throughout the country. Minnesota Democratic Senator Tina Smith wrote to regulators on Saturday urging them to investigate possible natural gas price cuts. She pointed out that the price of natural gas has soared to nearly 100 times the normal price in some cases. “These significant price increases put utilities and other natural gas users at exorbitant costs, many of which could be passed on to consumers in a higher way, Smith said. “We are ready to do whatever it takes to protect market integrity,” the CFTC said on Tuesday, saying authorities are paying particular attention to areas such as: A “federal nexus” between CFTC-regulated markets and futures contracts traded on exchanges. Meanwhile, the Federal Energy Regulatory Commission announced on Monday that it is investigating possible market manipulations in the natural gas and electricity sectors during the energy crisis last week. The freeze has disrupted Texas’ energy system and has upset various fuel sources, including natural gas, coal, nuclear power and wind. Some politicians initially tried to blame the frozen wind turbines, but energy agency officials said the power crisis was “mainly caused” by the offline coal, gas and nuclear power plants. Said. As a result of more frequent abnormal weather, it will be more frequent in the future. ” The FERC also said it would launch a new study to investigate “the threat posed by climate change and extreme weather to electrical reliability.” Climate change is already clear, “FERC Chairman Richard Glick said on Monday. “And we must do everything we can within the statutory authorities to ensure that the grid can continue to turn on electricity in the face of extreme weather.”

On video: Texans still suffering after cold, power outage

Federal regulators are watching Texas’s energy market after natural gas Price soars During the deep freeze last week. And they warn that extreme weather will continue to stress the power grid.

“We are monitoring the irregularities in the Texas energy market after the freeze last week,” Rostin Benham, deputy chairman of the US Commodity Futures Trading Commission, said in a speech Tuesday.

Unusually low temperatures caused life-threatening power outages, causing millions of Texas people to lose power for days. And the inhabitants of the state were struck by the energy crisis, but the impact was widespread throughout the country.

Minnesota Democratic Senator Tina Smith wrote to regulators on Saturday urging them to investigate possible natural gas price cuts. She pointed out that the price of natural gas has soared to nearly 100 times the normal price in some cases.

“These significant price increases will put utilities and other natural gas users at an exorbitant cost, many of which will be passed on to consumers in the form of higher electricity and gas prices next year. It’s possible, “Smith wrote.

Behnam said Tuesday that the CFTC is “ready to do whatever it takes to protect the integrity of the market” and “federal” contracts between CFTC-regulated markets and exchange-traded futures contracts. He said he was paying particular attention to areas with “ties.” ..

Meanwhile, the Federal Energy Regulatory Commission said on Monday Investigate the possibility of market manipulation In the natural gas and electricity sector during the energy crisis last week.

The “weakness” of the exposed energy system

Deep freeze causes disruption to Texas energy system, A wide variety of fuel sourcesIncludes natural gas, coal, nuclear power and wind power. Some politicians initially tried to blame the frozen wind turbines, Energy ministry officials said the power crisis was “greatly promoted” Coal, gas and nuclear sites go offline.

“This Arctic explosion has highlighted the weaknesses of our energy infrastructure, which are more likely to be challenged and stressed in the future as a result of more frequent extreme weather events,” said Behnam. Told.

FERC also said it would do Open a new survey Investigate “the threat of climate change and extreme weather to the reliability of electricity”.

“The effects of climate change are already clear,” FERC Chairman Richard Glick said on Monday. “And we must do everything we can within the statutory authorities to ensure that the power grid can remain illuminated in the face of extreme weather.”



Regulators examine Texas energy market after natural gas prices soared 10,000% Source link Regulators examine Texas energy market after natural gas prices soared 10,000%

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