Lt. Gov. Dan Patrick has called on the Texas Public Utilities Commission (PUC) and the Electric Reliability Council of Texas (ERCOT) to correct the emergency pricing error that continued after the power shortage had ended and the major threat to the Texas grid had passed.
In a press release Monday, the lieutenant governor wrote:
“We are continuing to investigate the power outages of the February 15 arctic blast which plunged millions of Texans into darkness.
“In response to grid-wide power shortages starting February 15, the PUC ordered ERCOT to institute the $9,000 per megawatt hour cost cap, which is designed to encourage increased power generation during an extreme shortage.
"However, according to the Independent Market Monitor (IMM), ERCOT incorrectly extended that pricing intervention after the power shortage had ended. The $9,000 price should have ended at 11:55 PM on February 17. Instead, it continued throughout the entire day of February 18 into February 19th – 32 hours total – which resulted in an additional $16 billion in charges."
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