Archive for Breather
And then a very strange thing happened: The so-called spot price of electricity in Texas fell toward zero, hit zero, and then went negative for several hours. As the Lone Star State slumbered, power producers were paying the state’s electricity system to take electricity off their hands. At one point, the negative price was $8.52 per megawatt hour.
Impossible, most economists would say. In any market—and especially in a state devoted to the free market, like Texas—makers won’t provide a product or service at a negative cost. Yet this could only have happened in Texas, which (not surprisingly) has carved out its own unique approach to electricity.
I work with numbers all day. But it drives me crazy how they get used.
“Eating blah-blah gives you an increased risk of cancer.” Really? Increased how much? “People with red hair have a two times greater risk of whatever.” Two times what? Two times one in a million?
Correlations are particularly misleading. This short video explains why numbers are not all they’re cracked up to be.
Notorious RBG is back:
Saw this at the very first Earth Day.