Report: Nearly 70 percent of Texans lost power during Winter Storm Uri, new UH report says

Uri by the numbers

A new report from the University of Houston zooms in on Uri's damage by the numbers. Photo via CenterPoint Energy/Facebook

Texans are painfully aware of the bitter loss caused by Winter Storm Uri; many are still coping with the after effects of the storm that set in on February 13.

But now, new figures reveal how ravaging the freeze was to the Lone Star State and its beleaguered residents.

At its peak, Uri left close to 4.5 million homes and businesses without power, killed more than 100 people, and caused an estimated $295 billion in damage. The storm is the single biggest insurance claim event in state history, as CultureMap previously reported.

More than two out of three Texans – some 69 percent – lost electricity at some point during the storm, for an average of 42 hours. Meanwhile, almost half – 49 percent – lost access to running water for an average of more than two days.

Additionally, nearly one-third of residents reported water damage in their home.

These numbers come from a just-released report by the Hobby School of Public Affairs at the University of Houston. According to UH, the Hobby School conducted the online survey of Texas residents 18 and older who live in the 213 counties served by the Texas Electrical Grid, which is managed by the Electric Reliability Council of Texas (ERCOT).

The full Hobby School report is available here.

Highlighting the frustrations millions have expressed since the storm has passed, nearly three out of four Texans – 74 percent – say they disapprove of ERCOT's performance during the winter storm — with 65 percent strongly disapproving. Some 78 percent of respondents claim they do not believe that the power outages in their area were carried out in an equitable manner.

Just how many Texans were okay with the council? Only 6 percent say they approve of ERCOT's widely criticized handling of the storm, per the survey. In the aftermath of the storm, seven ERCOT board members resigned following the near total failure of the state's power grid.

More than three-quarters of residents surveyed support policy reforms, which include requiring electricity generators to weatherize and boost their reserve capacity and natural gas companies to weatherize in order to be able to participate in the Texas market.

However, a majority of respondents oppose proposals that would require consumers to pay an additional fee in order to fund electricity generator weatherization efforts and to increase the amount of reserve electricity generation capacity, per the study.

The Hobby data produced other notable findings, including:

Some 61 percent of Texans prepared for the storm by buying additional food, 58 percent bought bottled water, and 55 percent filled their vehicle with gas. The next most common preparations were insulating pipes, covering or moving plants, and storing tap water.
A large number — 75 percent — reported difficulty obtaining food or groceries, 71 percent lost internet service, and 63 percent had difficulty obtaining bottled water.
When they lost electrical power and heat, 18 percent left their home, with 44 percent going to a local relative's home.
Of those who remained in their home without power, 26 percent used their gas oven or cooktop as a source of heat, 8 percent used a grill or smoker indoors, and 5 percent used an outdoor propane heater indoors.
Nearly half of Texans disapprove of Gov. Greg Abbott's performance during the winter storm, compared to 28 percent who approve.
More than half relied either a great deal, somewhat, or a little on three information sources before, during and after the storm hit: 68 percent on local TV news; 63 percent on neighbors and friends; and 55 percent on The Weather Channel.

The survey was fielded by YouGov from March 9 through March 19, with 1,500 YouGov respondents, resulting in a confidence interval of +/-2.5. Respondents were matched to a sampling frame on gender, age, ethnicity/race, and education, and are "representative of the adult population in these 213 Texas counties," per UH.

"Winter Storm Uri was a catastrophic weather event that impacted millions of lives across our state," said Kirk P. Watson, founding dean of the Hobby School, in a statement. "By digging deeper into its impact on Texans, we are learning critical information that will help inform future plans so a tragedy of this magnitude never happens again."

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This article originally ran on CultureMap.

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Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

NASA unveils Artemis III astronauts at Johnson Space Center in Houston

To the moon

NASA on Tuesday, June 9, revealed the crew for its Artemis III mission, the next step in the space agency's plan to eventually land astronauts on the moon.

The announcement came two months after Artemis II's record-breaking trip around the moon that surpassed the distance record of Apollo 13.

NASA's Randy Bresnik, Frank Rubio, Andre Douglas and the European Space Agency's Luca Parmitano won't fly to the moon or land on the surface. Instead, they’ll orbit Earth while practicing docking their Orion capsule with two lunar landers.

“To the Artemis III crew, we wish you Godspeed on the journey ahead,” said NASA administrator Jared Isaacman.

Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin are racing to deliver the lunar landers. The two-week demo is targeted for 2027. Blue Origin suffered a recent setback when its massive rocket exploded during an engine-firing test on the launch pad in Florida, shaking nearby homes and illuminating the sky with an orange fireball.

NASA's Jeremy Parsons said the setback is a learning opportunity and that the space agency is confident Blue Origin's rocket will be ready in time.

NASA's Artemis program aims to return astronauts to the moon's surface for the first time since the 1970s. A recent revamp of the program announced by Isaacman aims to fast-track it similarly to the Apollo era, adding the upcoming spaceflight around Earth before eyeing a lunar landing in 2028.

“We are certainly humbled as a crew to be able to be your crew that executes this Artemis III mission in space,” said Bresnik, Artemis III commander.

Added Douglas, mission specialist: “My brain — it is going a mile a minute right now. But my heart, it is so warm. It is so full."

In May, NASA awarded hundreds of millions of dollars in contracts to four companies, including Blue Origin, to build landers, rovers and drones for a future moon base. Isaacman said the goal of the moon base is to lay the foundation for a Mars expedition.

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