Blair Willcox

@currenttech.energy

606 Followers 706 Following

Energy nerd, Michigan sports, skiing. Working to let market signals tell us when to use electricity to electrify and decarbonize process and space heating (including steam!)

The Panic of 1873 arose from investments in railroads. Railroads had expanded rapidly in the nineteenth century, and investors in many early projects had earned high returns. As the Gilded Age progressed, investment in railroads continued, but new projects outpaced demand for new capacity, and returns on railroad investments declined. In May and September 1873, stock market crashes in Vienna, Austria, prompted European investors to divest their holdings of American securities, particularly railroad bonds. Their divestment depressed the market, lowered prices on stocks and bonds, and impeded financing for railroad firms. Without cash to finance operations and refinance debts that came due, many railroad firms failed. Others defaulted on payments due to banks. This turmoil forced Jay Cooke and Co., a notable merchant bank, into bankruptcy on September 18. The bank was heavily invested in railroads, particularly Northern Pacific Railway.

ERCOT prices from 12/2 showing price spike in the morning and evening, corresponding to battery discharge shown in previous chart

List of HOT ROCKS! Companies - Antora, Malta, Rondo, MGA Thermal, Brenmiller, Graphite Energy, Lumenion, Kraft Block, Kelvin, Magaldi, SynchroStor, Caldera, Fourth Power, redoxblox, Electrified Thermal Solutions, Storworks, Hyme Energy, Exowatt, Calcetra, Polar Night Energy