What ERCOT planners got colossally wrong was the availability of their fossil fleet: Gas and coal plants failed. Even a nuclear reactor tripped offline.
Up to 16 nuclear power plants for civilian purposes? Really?
For investors there is little clarity through the smoke and haze.
The hail of two-notch downgrades doesn’t help.
Some things are just too curious.
“Oil and gas companies are becoming energy companies,” said BP’s Bob Dudley. BP even changed the logo.
And why was coal left behind?
Powered by low-cost state-funded capital.
As pulp fiction aficionados, we love a good hostage situation.
The coal and nuclear power generator may default in April.