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Despite what you may have read from the Atomic Rockets crew, space isn't an insulator at all. It is, in fact, a PERFECT medium for radiative heat transfer; and an object in space will tend to radiate most of its excess heat very quickly since there is no other matter (atmospheric gases, for example) to slow that transfer and bounce some of the heat back to it.
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I'm not so sure about that. An atmosphere surrounding something may well slow thermal radiation, but you seem to be ignoring conductive diffusion and convection, both of which will draw heat off of something much more rapidly than radiation in a vacuum.
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And yet the drop in temperature was the most palpable consequence of power loss "The Last Outpost," demonstrating again that in deep space far from any bright suns, thermal control is a serious problem.
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I do recall "The Last Outpost" (as well as "Out of Gas" on Firefly), and I don't hold to either one's treatment of temperature loss. Both were written by English majors, not scientists. As far as "The Last Outpost" goes, if we're talking about the ship's temperature being effected by power loss, then it should be getting warmer by your explanation, as they are above a class-M planet with a shirtsleeves environment the crew beamed down to, suggesting similar surrounding thermal environment as we have here on Earth, so shouldn't Enterprise have suffered the same fate as Skylab? If we insist on holding this scenario as infallible canon, then I make the following suggesting: Perhaps the energy draining effect was also draining the thermal energy from the ship's atmosphere. Another option; I seem to recall something about the Doctor ordering people to the ship's inner areas, perhaps transparent aluminum is much more thermally conductive than the rest of the ship's hull. If so, perhaps all those windows on the outside of the E-D are an insulation liability. But I like the idea of the energy being drained better.
Also what's that crap about -70 degrees? You'd be frozen dead long before that point...
--Alex