Joakim Book
With all eyes on the winter storm raging through America last month, a silent hero was working in the background to keep the lights on. And I don’t primarily mean the emergency workers or the teams of electricians, foresters, and engineers that keep the power lines up and ice-free; these guys operate very much in the foreground, the public well aware of their critical work.
Before and during winter storms, the electricity supply becomes strained and household demand spikes—think space heaters, heat pumps requiring more juice, more lights turned on, and the natural gas system requiring more electricity for ordinary functions. In Econ101 lingo, the grid is hit with a simultaneous leftward shift in supply and rightward shift in demand, explaining why electricity prices and natural gas prices shot up in recent days.
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