• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
winter storm Grayson

The ‘Bomb Cyclone’ Has Put a Freeze on the Power Supply in Parts of the East Coast

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
January 4, 2018, 9:30 PM ET
US-WEATHER-WINTER STORM
A man rides a bicycle on January 4, 2018 in Brooklyn, New York. A giant winter "bomb cyclone" walloped the US East Coast on Thursday with freezing cold and heavy snow, forcing thousands of flight cancellations and widespread school closures -- and even prompting the US Senate to cancel votes for the rest of the week.Millions of Americans faced potential power outages in bitterly cold sub-freezing temperatures, with some 45,000 people in Virginia and thousands more in Georgia, South Carolina and Florida already affected. / AFP PHOTO / ANGELA WEISS (Photo credit should read ANGELA WEISS/AFP/Getty Images)Angela Weiss—AFP/Getty Images
Add Fortune on Google for similar content.

A severe winter storm froze pipes and disrupted services at refineries on the U.S. Atlantic coast on Thursday, sending fuel prices higher as heavy snowfall and high winds caused electricity outages for almost 80,000 homes and businesses.

The only nuclear plant in Massachusetts was shut just after 2 p.m. because of the failure of a line that connects the reactor to the power grid. Entergy Corp, which operates the Pilgrim Station, said it had not identified the cause of the line problem. ISO New England, which operates the region’s power grid, attributed the shutdown to blizzard conditions. The company did not say when the station would restart.

Utilities in the Southeast have restored service to some customers who were hit by the storm overnight.

Heavy snow pounded the East Coast from Maine as far south as North Carolina on Thursday, taking out power lines, icing roadways and closing schools.

The storm was powered by a rapid plunge in barometric pressure that some weather forecasters referred to as bombogenesis or a “bomb cyclone,” which brought high winds and swift, heavy snowfall.

The region has also been in the grip of a prolonged cold spell.

Prices for heating oil and natural gas in the U.S. Northeast hit their highest levels in years on the back of near-record heating demand. Benchmark U.S. heating oil futures are near their highest in almost three years.

The U.S. average home residential heating oil prices rose 5.4% to $3.078 a gallon in the week through Jan. 1 from a week earlier, according to data from the U.S. Energy Information Administration. On the East Coast, prices rose 5.4% to $3.085 a gallon.

U.S. average residential heating oil prices for the 2017-18 period are well above the 2016-17 levels, the data showed.

For more on bomb cyclones, watch Fortune’s video:

U.S. natural gas demand was expected to remain near record highs this week. Natural gas is the major fuel for residential and commercial heating in the U.S. Northeast and is also widely used by power plants.

On Thursday, natural gas futures fell 12.8 cents, or 4.3%, to settle at $2.880 per million British thermal units. That was the biggest one-day decline for the contract in three weeks as less cold weather was predicted. However, regional prices soared under pressure from the cold snap.

U.S. spot natural gas and power prices on Thursday rose to their highest in years in several regions.

Next-day power prices in New England and PJM, which covers much of the U.S. mid-Atlantic and Midwest region, rose to their highest since January 2014 due to a spike in local natural gas prices.

New England’s cash prices soared last week, and remained near four-year highs at $36.32 per mm Btu. ISO-New England, that region’s power grid operator, said on Thursday that its power operators were relying more heavily on generators that burn heating oil due to heavy natural gas demand from homes and businesses.

“We expect to have sufficient capacity and fuel available and expect to be able to weather the storm without running up against significant emissions limits, but concerns remain the same regarding fuel availability and emissions limits throughout this protracted cold spell and the rest of the winter,” the company said in a statement.

ISO New England spokeswoman Marcia Blomberg said there were “no immediate reliability issues to the local area” due to the shutdown of Pilgrim.

The lights did not go out in New England after the 688 megawatt Pilgrim plant shut because New England, like all U.S. power grids, keeps some generating plants in reserve in case an operating unit unexpectedly shuts. On Thursday, the grid had a reserve of over 2,100 MW. One megawatt is enough to power about 1,000 U.S. homes.

Blomberg added that the loss of Pilgrim “does further challenge the region on fuel availability because we need to rely on other generating resources to meet consumer demand and meet overall grid reliability.”

In New York, very few generator outages were reported and there were no problems with a lack of fuel, Wes Yeomans, vice president of Operations at the New York Independent System Operator, said on a call on Thursday.

There are concerns that a significant disruption could lead to a heating oil shortage as distillate inventories, including heating oil, in the New England and Mid-Atlantic regions are at their lowest levels for this time of year since 2015.

This has spurred tankers carrying diesel and heating oil to set out from Europe bound for the United States to address supply worries, reversing a traditional trade route.

Icebreakers have been used in ports of Boston, New York and Philadelphia to keep shipping lanes clear, though delays are expected, and the Coast Guard said late on Wednesday that those ships would remain at shore until the storm had passed.

Reliance on heating oil is highest in the Northeast, with about 21% of households using oil for space heating.

Most northern U.S. refiners are not reporting problems. Phillips 66 shut a crude and coking unit at its Wood River, Illinois, refinery after a frozen line and short-lived fire, a source said on Wednesday. It did not have a timeline for restarting the units at the Illinois plant, the source said.

Philadelphia Energy Solutions postponed planned work at its 335,000 refinery complex in Philadelphia until after the storm.

Crude carrier Ridgebury Pioneer, carrying 1.9 million barrels of heavy crude into the Philadelphia area, has been delayed by the storm, according to Reuters Eikon shipping data and two sources familiar with the delivery.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
InvestingDonald Trump
Trump’s 927-page disclosure is just a normal Tuesday for direct indexing and crypto wealth managers
By Catherina GioinoJuly 1, 2026
5 hours ago
US President Donald Trump sits in silence with his hands folded on top of each other.
CryptoDonald Trump
Inside Trump’s $1.4 billion crypto empire: Altcoins, Bitcoin—and a stake in Michael Saylor’s Strategy
By Camila Grigera NaónJuly 1, 2026
6 hours ago
The 6 Best Exercise Bikes of 2026: Fitness Expert Reviewed
HealthDietary Supplements
The 6 Best Exercise Bikes of 2026: Fitness Expert Reviewed
By Christina SnyderJuly 1, 2026
7 hours ago
Mark Zandi, Moody's chief economist.
EconomyU.S. economy
‘It’s fair to ask whether it was worth it’: The Iran war has cost Americans $1,000 per household—and that’s a conservative estimate, Mark Zandi says
By Tristan BoveJuly 1, 2026
9 hours ago
Melania Trump NFT earnings surge 28x in 2025 as the First Lady rakes in nearly $17 million in total earnings, filing shows
PoliticsDonald Trump
Melania Trump NFT earnings surge 28x in 2025 as the First Lady rakes in nearly $17 million in total earnings, filing shows
By Mia OsmonbekovJuly 1, 2026
10 hours ago
Donald Trump sits at his desk in the Oval Office, smiling and with his hands folded in front of him.
PoliticsDonald Trump
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
11 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
21 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
Newsletters
The Supreme Court's birthright citizenship ruling hands the U.S. economy a $7.7 trillion win
By Diane BradyJuly 1, 2026
19 hours ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
15 hours ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.