February 19, 2026
Winter Storm Fern packed a punch last month, dumping well over a foot of snow across parts of the Northeast, and causing around an inch of ice accumulation through parts of the Southern Plains and Southeast. Temperatures plummeted, and approximately 1 million people were left without power.
But the real story of Winter Storm Fern? Power prices.
The storm demonstrated just how much influence wind, solar, and storage resources have on price formation. Given the high solar and wind penetration, we had our eyes on ERCOT, Texas’s grid. Would solar and wind underperform, pushing expensive natural gas and peaker plants online?
Winter Storm Fern also exposed a critical truth: fuel type dictates price risk during climate extremes. As heat usage spiked, we saw a massive price divergence between two distinct hubs in PJM – which spans from New Jersey down to West Virginia, and as far west as Chicago. This revealed the vulnerability of one hub’s heavy natural gas reliance.
For instant access to our in-depth analysis on Fern’s impact, complete the form below.
Winter Storm Fern: ERCOT & PJM Market Reports
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