Photo: ReutersPower grid operator Electric Reliability Council of Texas (ERCOT) made a US$16 billion (NZ$22.3b) pricing error in the week of the winter storm that led to power outages across Texas, Potomac Economics, which monitors the state's power market, said. The findings of Potomac Economics were reported first Thursday by Bloomberg and the Texas Tribune. The Public Utility Commission, the Texas power regulator, on Friday unanimously vetoed a request to cut about $16 billion from state power charges during the final day of the February cold snap, saying even a partial repricing could have unintended effects. The mid-February storm temporarily knocked out up to half the state's generating plants, triggering outages that killed dozens and pushed power prices to 10 times the normal rate. Many of ERCOT's directors have resigned in the last week, and the head of the Public Utility Commission resigned on Monday.

Source: Otago Daily Times March 06, 2021 02:15 UTC