Texas grid operator made $16 billion price error during winter storm, watchdog says

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Texas' power grid operator Electric Reliability Council of Texas (ERCOT) made a $16 billion pricing error in the week of the winter storm that led to power outages across the state, Potomac Economics, which monitors the state's power market, said.

FILE PHOTO: An electrical substation is seen after winter weather caused electricity blackouts in Houston, Texas, U.S. February 20, 2021. REUTERS/Go Nakamura//File Photo

ERCOT kept market prices for power too high for more than a day after widespread outages ended late on Feb. 17, Potomac Economics, the independent market monitor for the Public Utility Commission of Texas, which oversees ERCOT, said in a filing. “However, ERCOT continued to hold prices at VOLL by inflating the Real-Time On-Line Reliability Deployment Price Adder for an additional 32 hours through the morning of February 19,” it said, adding the decision resulted in $16 billion in additional costs to ERCOT’s markets.

Separately, rating agency Moody’s Investors Service downgraded ERCOT by one notch from A1 to Aa3 and revised the grid operator’s credit outlook to “negative” on Thursday.

 

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Error?

Now that they are caught being heartless, they call it error. I’m sorry, but $16billion error.... is way too big to be called an error.

Easy mistake to make 😂

Do we know in whose favour the error was?

Huh. Error, you say? 🤔

oops

how come capitalism keeps breaking so often? it's almost like it just doesn't do the one thing it was designed to do

I presume that was a $16 billion undercharging error!

Anything working properly in Texas these days?

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