The effects of cold waves on the energy sector include breakdowns in power plants and reduced oil and gas production , as well as failures in overhead power lines and towers leading to outages in Moscow and Bucharest . Six major power outages associated with cold shocks and ice storms have been recorded since 2010, the majority recorded from large cities in the USA . Cold waves can also significantly increase energy demand. A cold wave that affected the Iberian Peninsula in January 2017 caused electricity prices to peak at a mean price of 112.8 €/MWh, the highest ever recorded in Spain .
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report