Last month’s power crisis in Texas placed the energy issue on the forefront of our national dialogue. Following President Joe Biden’s slate of energy-related Executive Orders the last two months, it’s no surprise that lawmakers and the public are focused on this issue.
But, whether it’s casting the blame on wind turbines or natural gas, everyone can agree that America needs to improve its energy resilience. Renewable energy can achieve this goal while simultaneously creating jobs in an economy that needs growth more than ever.
As is so often the case, the reality of Texas’ power crisis falls somewhere between the two polarizing opinions you’re likely hearing on cable news programs. Yes, wind turbines did freeze in the unprecedented storm. But so did natural gas wells, pipelines, pipes at coal and nuclear power plants, and equipment panels. It doesn’t make sense to cite one single source as the cause for this crisis.
Unusually low temperatures caused the demand for power to spike, as people all across the state plugged in their electric heaters. The president and CEO of the Electric Reliability Council of Texas said that the storm “drove electric demand higher than we’ve ever seen – by far.” So, for those same reasons, the supply of electricity simultaneously went down.
The reality is simple – every single kind of power generation failed to perform in this storm. Rather than pointing fingers, we need to focus on finding and investing in solutions. American technology and innovation are what is going to prevent the next Texas energy disaster from happening. Thankfully, some have been wise enough to get a head start.
Just last month, BP and Chevron began their expansion into renewable energy. The two oil companies were the primary investors in what was a $40 million funding round for Eavor, a geothermal energy firm. Eavor has pioneered a new form of technology – one that essentially creates an underground radiator – that, in the words of BP’s senior vice president of zero carbon energy, “has the potential to deliver geothermal power and heat and help unlock a low carbon future.” The $40 million injection will be dedicated to further research and development, accelerating and improving this innovative power system.
Malta, an energy storage technology developer, just recently raised $50 million in new financing. This company is developing technologies that will be able to store and then use the massive amounts of energy that’s only able to be generated intermittently by the sun and wind.
Tony Fadell, the iPod inventor, is also backing a battery company that may have found a way to store more energy using silicon scrap waste left over from manufacturing. Each of these means of storage – creating the ability to store energy for long periods and then discharge it during times of peaking demand – will help eliminate the type of crises that overwhelmed Texas’ power grid.
There’s no denying the fragility of our electricity infrastructure, and there’s no doubt that some will continue to focus on the causes of this weakness that suite their political agenda. Fortunately, for those of us who are more concerned with practical solutions, there’s also a clear path to building a stronger power grid and encouraging the next generation of growth in the energy industry: American innovation.
The direct and indirect impacts of innovation account for more than 40% of U.S. economic growth and employment. America’s inventors have been especially crucial in fighting the Covid-19 pandemic, from keeping our economy afloat to developing a vaccine. And, as vaccines continue to be more widely distributed, we’re finally seeing our economy start to head in the right direction.
Now, it’s time that the tech community appreciates the opportunity they have before them – they can accelerate this economic growth, create jobs, and develop the technology of the future. Silicon Valley need to invest in renewables technologies and utilize America’s great inventors to solve problems that can help prevent future crises like the deep freeze in Texas.
