Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.

President Biden's freeze on new federal lands oil leases will deter Permian Basin output to a limited degree but will also push development from the New Mexico side of the basin to Texas, per a new Dallas Fed forecast.

Why it matters: It's an attempt to gauge the impact of emerging federal policies in the country's most prolific shale basin.

China's highly anticipated 5-year plan revealed on Friday provides little new information about its climate initiatives, leaving plenty to discuss in multinational meetings this year and lots of blanks for China to fill in later.

Driving the news: The top-line targets for 2025, per state media, aim to lower energy intensity by 13.5% and carbon emissions intensity by 18% — that is, measures of energy use and emissions relative to economic output.

Oil and gas prices jumped on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and allied producers said on Thursday that they would extend production cuts into April.

The big picture: Oil is being driven by the production cuts of OPEC, a consortium of the world's largest producers, and expectations for a rebound in global demand as more countries emerge from coronavirus lockdowns.

The world's maritime industry — from ferries to freighters — is trying to navigate a once-in-a-century transition away from fossil fuels to new, cleaner means of propulsion.

Why it matters: International shipping is key to the world's economy, responsible for 90% of global trade. But the vessels burn about 4 million barrels of oil a day, accounting for almost 3% of the world's carbon emissions, and regulators are demanding they clean up their act.

Exxon on Wednesday said the company sees a $2 trillion "addressable market" in carbon capture and storage by 2040, and argues the company has strong expertise that positions it well.

The big picture: Exxon is vowing increased spending to expand its carbon capture efforts in coming years and looking into other areas, though it has eschewed the renewable power efforts of European peers.

Researchers keep finding new ways to reveal that nations are together showing very few signs of getting on track to meet the Paris Agreement's goals.

One big question: That's whether a spate of recent analyses to that effect, and scientific reports coming later this year, will move the needle on meaningful new policies (not just targets).

Electric Reliability Council of Texas CEO Bill Magness, who heads the independent nonprofit entity that operates and manages the electricity grid for much of Texas, was fired Wednesday night, the Texas Tribune reports.

Why it matters: It's the latest fallout from last month's fatal power outages after extremely low temperatures that caused multiple types of generation to fail.