Overview

In February 2021, Texas experienced a deep freeze and power grid failure event that led to hundreds of deaths and extensive property damage across the state of Texas. The economic and human toll of this system failure is comparable to that of some of the worst industrial accidents in history, and could have been prevented with different incentives and management.

Ed Hirs, an economist who serves as an energy fellow at the University of Houston will give a deep dive into the unfolding of this incident, discuss the possible future of the Texas grid and answer questions such as:

• How much was this incident due to not being connected to neighbouring grids?
• How did different energy production sources contribute to the failure?
• How might future mass electrification affect the robustness of the Texas grid?
• How has the carbon intensity of Texas power production changed over time?
• What mix of power sources can we expect in the future?
• Can cryptocurrency miners help the grid?

Picture credit: Marouanesitti/Shutterstock.com.

Speaker

Ed Hirs, Department of Economics, University of Houston

Ed is a leading energy economist. His work has informed US national security policy under both parties. He is a Co-Founder of Zero Carbon Cycle LLC, a sustainable fuels company, and advisory director to an independent oil and gas company. Ed forecast the Saudi-led price war against the US shale plays in 2012, and, in 2013, the collapse of the Texas grid due to fundamental flaws in the market design.

He is a UH Energy Fellow at the University of Houston where he teaches energy economics and an advisory director to the Energy Industries Council. Ed serves on the Board of Directors of the French American Chamber of Commerce Texas. He founded and co-chairs an annual energy conference at Yale University.

Ed is a Forbes contributor and Energy Expert for KHOU television in Houston. He is widely quoted by international media. Ed attended Yale University receiving his BA with honours and Distinction in Economics, MA in Economics, and MBA. He holds the CFA designation.

The material presented has not been peer-reviewed. Any opinions are the presenters' own and do not necessarily represent those of IChemE or the US Gulf Coast Member Group. The information is given in good faith but without any liability on the part of IChemE.