Wednesday, February 2, 2011

Economic recovery in Texas!

Feb 2 (Reuters) - ERCOT, which operates the power grid in much of Texas, imposed rolling blackouts on Wednesday due to the loss of several power plants overnight during a severe ice storm, a spokeswoman for ERCOT said.

She could not say when the rolling blackouts would end.

The grid operator urged consumers to cut back on their power usage.

Electricity traders said hourly prices in ERCOT were $2,000 per megawatt hour, up from $50 where it usually trades.

20 times as much for electricity! Power-plant investors are celebrating by lighting cigars with Benjamins, and THAT, my economics-major friends, is the stuff of economic booms!

Note the complete lack of detail on the reasons for the power plant outages - just some vague "due to severe ice storms." Shades of Enron's profiteering about a decade ago. Maybe they figured we'd forgotten by now.