The February Arctic eruption caused about ১ 1.0 billion in economic losses for Texas, requiring several million dollars in annual investment to protect the state’s power grid from costly temperatures, the Dallas Fed said in a statement. Report Friday.
The storm dealt a devastating blow to the state, with power outages lasting nearly a week, killing at least 100 people and causing extensive damage to homes, businesses, crops and infrastructure. The Dallas Fed has slashed economic losses from about বিল 60 billion to ০ 130 billion.
The storm also exposed a fragile power grid and natural gas supply system that could not withstand constant frozen temperatures – critical equipment at gas and coal power plants failed, wind turbines were seized and gas wells and pipelines were frozen, resulting in nearly half the loss. State production capacity.
“The cost of annual preparation for extreme and relatively rare weather events has proven difficult for policymakers and the industry to justify,” the Dallas Fed team of economists said. “Our analysis indicates that winter extreme winter weather events seem to be financially reasonable.”
The Texas Legislature is debating proposed rules in response to the storm that would require power plants to winterize their facilities and provide funding to cover costs, with fines for not increasing ma 1ml per day.
The new proposed rules in response to this new risk storm were recommended by federal officials after a similar cold snap in 2011, but Texas state lawmakers or regulators never adopted them.
Another aspect of this investment, the Dallas Fed, said after February froze and the demand for widespread power outages became fun, the total cost of taking drastic measures was set at বছরে 430 million a year.
The state’s 122 gas-powered plants, which fell offline during the storm due to frozen pipes and other equipment to winter, will cost about 95 95 million.
The Dallas Fed said installing internal heating equipment on 13,000 wind turbines in the state would be “unchangeable”, but increasing the winter-weather coverage on turbine blades and preparing for the installation of more de-icing drones would make them more stable. The Dallas Fed estimates that the newly drilled oil and gas wells will be more expensive to upgrade to an additional ma 200ma.
Texas lawmakers have yet to take steps that would require the oil and gas industry to protect their equipment from the cold weather, which critics say is a big gap in the state’s storm response.
Natural gas production drowned 45 percent during the storm because many wells and pipelines fell offline in winter temperatures and others lost power, creating a “death knell for power generation.”
Many have called on Texas authorities to strengthen the grid as climate change threatens to bring more severe storms to the state.
Sylvester Turner, mayor of Houston, the largest city in Texas, said at a U.S. hearing on the storm last month, “Without question, these extreme weather events are bringing more frequency and intensity and increasing costs and fatalities.