Hurricane Havoc on Power Grid Costs $2.5 Billion

The damage by this season’s back-to-back hurricanes cost power companies $2.5 billion according to a survey of power companies and investors, says a Bloomberg article, What’s the Cost When Two Big Hurricanes Hit the Power Grid?

NextEra Energy Inc., which owns Florida’s largest electric utility, was hardest-hit by Hurricane Irma and estimated $1.3 billion in damages. The company is proposing to add a $4 surcharge to the average customer bill beginning next year to recoup the costs.

In Texas, American Electric Power Co. calculated costs of $250 million to $300 million after Hurricane Harvey hit the U.S. Gulf Coast in late August. U.S. power generator NRG Energy Inc. estimated financial impacts from storms and related weather of about $40 million this year.