Even Bloomberg had to report this.
Saudi's Prince MBS: "We have so much oil, we burn it to produce electricity. No one else can do that."
New England: "Here, hold my (maple syrup) bucket."
From Bloomberg:
The six-state grid relied on oil for at least a third of its power generation and for as much as 40% at times on Saturday, ISO New England data show.
Natural gas provided as little as 15% by mid-afternoon. [This suggests to me that New England is literally running out of natural gas.]
The region typically only uses oil to meet demand on the hottest and coldest days of the year as back up. Heading into the peak evening hours, New England issued a series of grid alerts warning of a possible shortfall of power reserves and asked market members to voluntarily conserve electricity.
The operator later said it’s trying to buy emergency supplies from market participants or neighboring regions. The situation is so tight that prices jumped to more than the $2,000 a megawatt-hour price cap on Saturday evening. This time last week, spot power was in the $30 range.
Meanwhile, ERCOT -- Texas -- is doing just fine. Thank you for asking.
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