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Here is our written testimony (and video of our opening statement) before the House Financial Services Committee:https://www.youtube.com/watch?v=865mOuKhZNYhttps://financialservices.house.gov/uploadedfiles/hhrg-117-ba00-wstate-arnuks-20210317.pdf
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Like most people, we were surprised how the entire state of Texas could have suffered such severe power outages. But the more we looked into it what caused their power problems, the more similarities we began to notice between how Texas has set up their energy system and how parts of the US stock market currently function. The WSJ just published an excellent analysis of the power outage titled “The Texas Freeze: Why the Power Grid Failed” with a subtitle that read “The state’s electricity system was considered a model. This week’s power outages revealed shortcomings in the market structure.” Here
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