Texas power prices spike more than 400% in one day as bomb cyclone sends energy demand soaring

• In some parts of Texas, prices for power to be delivered on Friday evening more than quintupled, topping $500 per megawatt-hour.
• On Friday night, temperatures in Dallas, Austin and San Antonio are expected to dip below 20 degrees.
• Outage data shows roughly 53,000 Texas residents were experiencing a loss of power on Thursday. 

Forecasts for below-freezing temperatures in Texas sent power prices surging more than 400% in the span of just one day. 

In some parts of the state, prices for power to be delivered on Friday evening more than quintupled from the prior day, topping $500 per megawatt-hour, according to Bloomberg.