It was -15°C in Dallas on Family Day. Spot prices for electricity in Texas jumped 3.466 per cent and more than five million people across the region suffered power outages due to surging demand. The Southwest Power Pool told its members across 14 states to begin controlled outages as demand exceeded supply. The Electric Reliability Council of Texas declared an "energy emergency alert three" after the grid experienced a systemwide failure because the extreme winter weather forced generating units to trip and go offline. Regional utilities experienced outages that lasted for hours. This is what a climate-related risk looks like if you are a utility company or grid operator.