Deliberate inaction: Root causes of Texas power failure yet to be addressed

[LetMyPeopleVote]

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One economics consulting firm estimated that the total storm cost was somewhere between $86 billion and $126 billion, with the damages equal to or higher than those incurred during the devastation of Hurricane Harvey.

Residential power rates went up an average of 7 percent for February 2021 compared to February 2020, and industrial and commercial rates more than doubled what they were in February 2020.

The PUC, following ERCOT’s request, on Feb. 16 ordered wholesale prices for electricity be set at $9,000 per megawatt hour (approximately 300 times normal prices and three times higher than in the 2011 emergency), in an effort to ensure greater production during the storm. The Independent Market Monitor for ERCOT, however, stated that these rates were inflated for longer than they should have been, at the expense of Texans. Brad Johnson, interim CEO of ERCOT, testified that ERCOT had violated its own rules during the 2021 storm.

One of the primary fallacies behind the ERCOT market design was illustrated during the freeze — that high prices would draw more electricity supply to the market. The PUC and ERCOT knew in 2011 and in 2021 that the lack of electricity was because generators had failed and could not jump back online to take advantage of the higher price

[Javaman]

1. our gas bill jumped up over the past few months and the gas corps pass on their fuck ups to us. nt