During the last decade, the city of Austin has witnessed two important
cold snaps, one of which has brought the system load very close to pe
aking during otherwise average winter months. We examine the effect of
a cold snap on load curves. To do so, we have estimated a time-series
hourly load model allowing for both time-dependent and weather-depend
ent activities, and for serial correlation. We find three significant
results. First, there is a significant first-order serial correlation,
and this autoregressive process must be accounted for. Otherwise stro
ng doubts are cast upon results based on models which do not. Second,
not only is the system-load consumption significantly affected by unus
ual and extreme weather conditions, but there is also marked differenc
e between load curves for an average and a peak winter day. Finally, t
he severity of the cold snap has a stronger influence on system load i
n both increasing average consumption levels and modifying the shape o
f the load curves than does the length of the cold snap itself. Given
the important impact of changes in outside temperature on system load
in general and the (sometimes heated) debates surrounding the construc
tion of new generating and distributing facilities, these findings sho
uld be of general interest.