# Extreme Climate Events and Energy Market Vulnerability: A Systematic Global Review
## 6 Discussion  
Some of the results regarding catastrophic events that occur in different parts are summarized in Figure 2.  
The graphic presented in Figure 2 shows the significant patterns of the analyzed studies on extreme events and their influence on energy systems from a global perspective. Figure 1: Pathways of climate event impacts on energy market. Source: own elaboration. Figure 2: Number of extreme weather events occurring in the world during 2012–2024. Source: own elaboration. Analyzing this matrix, it can be stated that the most represented geographic area of the reviewed articles is that of North America and Europe, which denotes that they are the territories with a higher exposure to hurricanes, droughs, or floods but also a greater capacity to allocate resources to research these impacts. The disproportionate number of studies from other continents, such as Asia and Oceania, shows that there is a significant scientific coverage gap, despite the high vulnerability of these territories to extreme weather events, such as geomagnetic storms or wind variability. Regarding the type of weather event analyzed, it can be observed that the most documented phenomena are hurricanes and droughs, since they are the most representative due to their immediate effects on energy structures and costs. In contrast, other climatic phenomena such as wind variability or geomagnetic storms are less represented in the articles analyzed, even though they can lead to significant interruptions in the provision of electrical and energy systems. This shows a limitation of the work where events with effects that are difficult to quantify or those with less immediate effects may not have been sufficiently represented; in other words, this type of phenomenon may have been underestimated in terms of its strength and social importance. The development of the conceptual framework has provided a richer interpretation of how certain extreme climate events resulted in differentiated energy system disruptions and eventual market effects. The regional comparisons showed that although the disruptions differ in nature (e.g., hydroelectric vulnerabilities in Latin America and grid failures due to hurricanes in North America), their systemic impacts (e.g., price volatility and supply instability) generally differ less. The review of the literature also revealed significant gaps, particularly in the availability of systematic quantitative information on price behavior following climatic events, thereby limiting a comprehensive economic impact evaluation. Our findings led to recommendations for incorporating more detailed market analyses into future vulnerability assessments. In turn, the different types of solutions to the problems addressed by climatic events are concentrated in the technological and infrastructural strategic reinforcement of electrical networks, diversification of energy sources, and use of predictive models. On the other hand, the associated climate disasters have put immense pressure on electricity infrastructures, causing energy prices to skyrocket and critical systems to be put to the test. As an illustration, outages experienced in the ERCOT market in Texas due to Hurricane Harvey caused prices in South Texas nodes with poor grid connectivity to spike.