ERCOT overcharged power companies $16 billion for electricity during freeze, firm says

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“Error” yeah ok. They knew what they were doing


A 16 BILLION dollar error?! Yeah.. Sure…


Sounds like someone could use some of that evil regulation.


Let’s not kid ourselves, this is working *exactly* as intended. Texas voted for no regulation, they got no regulation, and now have buyers remorse. I feel for them, but they literally signed up for exactly this.


>In Texas, wholesale power prices are determined by supply and demand: When demand is high, ERCOT allows prices to go up. The grid operator was directed by the **PUC** during the storm to set wholesale power prices at $9,000 per megawatt hour — the maximum price Emphasis mine. The Public Utilities Commission (PUC) is an agency created by the Texas Leg with members appointed by the governor and (to my knowledge) holds a lot of the power people have been attributing to ERCOT. PUC sets the policies (pricing directives, weatherization standards and enforce thereof, etc) and ERCOT is just the mechanism for executing them. Keep that in mind when you see Texas’ governor or legislators critizing ERCOT. Note: I’m not an expert and ERCOT certainly holds some blame for this CF, but I’m not happy with our legislators getting off the hook for their share of the blame Edit: Updated description of members to reflect the PUC’s Wikipedia article.