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Texas Power Costs Hit Record $79.7 Billion on Deadly 2021 Storm

May 27, 2022, 6:41 PM

The true economic costs of last year’s deadly Texas winter storm on the state’s electricity grid are finally coming to light.

The all-in cost for power on the grid managed by the Electric Reliability Council for Texas jumped more than sevenfold to a record high of $79.7 billion last year from 2020, according to an annual report by Potomac Economics, Ercot’s independent market monitor. Most of the expenses were from the weeklong February storm, which cost about $59 billion.

Energy costs alone jumped to $65.9 billion for the year, with the rest coming from fees and grid services, such as ...