That brings the total shortfall to nearly $2.5 billion, according to a market notice.

"The entire energy sector failed Texas," said NRG Energy Inc Chief Executive Mauricio Gutierrez, who testified.

Natural gas will overtake coal in 2025 and become the largest global primary energy source by 2047, with oil plateauing around 2040 and then beginning its irreversible decline

Those essentials include power for natural gas wells, processing plants and compressor facilities, but Texas Energy Reliability Council Chairman James Cisarik said keeping natural gas flowing to power plants requires operational water, communication and transportation infrastructure.

The Central Electricity Authority (CEA) projects that solar and wind will form 51% of India’s total installed capacity, or 420GW, by 2030, with biomass and small hydro adding another 30GW, while the IEA’s India Energy Outlook 2021 says that India could add 900GW of renewable capacity by 2040.

Central Asia is ideally located to take advantage of solar energy and has vast, mostly untapped potential. Kazakhstan currently leads on installed solar capacity and the country seeks to bring its share of renewable energy to 10% by 2030 and 50% by 2050. Likewise, Uzbekistan aims to deploy significant additional renewables capacity by 2030, including 5 GW of PV.

Overall, Iberdrola’s operating profit fell by 3% to €1.2 billion (US$1.4 billion), driven by its recent commissioning of new plants as it ramps up its renewables capacity.

Economic losses from more frequent climate-related extreme weather are increasing. In the EU, these losses alone already average over €12 billion per year.

"At the end of the day our customers want reliable energy. For us natural gas is the complement to renewable energy — there is no way to think of a reliable system without having a flexible way to produce electricity. Gas is offering this flexibility,"

The unusually cold temperatures caused life-threatening blackouts that left millions of Texans without power for days. And although residents of that state suffered the brunt of the energy crisis, the repercussions spread across the country.

The EU will provide nearly Eur10 billion of funding that the partners will match with at least an equivalent amount of investment, the EC said in a statement.

Severe cold weather in parts of the USA last week contributed to power outages affecting millions of electricity customers across Texas, Louisiana and Oklahoma.

The power supply collapse in Texas was caused by extreme and aberrant cold weather, freezing the electric generators. The system wasn’t designed to withstand what occurred -- and what may occur elsewhere in a time of new and terrifying instability in the world’s weather systems.

Fossil fuels are expected to dominate the primary energy mix thru 2040, even in scenarios where countries meet the Paris Agreement’s climate goals.

There are now 228 large-scale projects for a combined $300 billion of proposed investment through to 2030