{"id":108735,"date":"2021-03-05T09:25:54","date_gmt":"2021-03-05T09:25:54","guid":{"rendered":"https:\/\/fin2me.com\/?p=108735"},"modified":"2021-03-05T09:25:54","modified_gmt":"2021-03-05T09:25:54","slug":"texas-grid-operator-made-16-billion-price-error-during-winter-storm-watchdog-says","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/texas-grid-operator-made-16-billion-price-error-during-winter-storm-watchdog-says\/","title":{"rendered":"Texas grid operator made $16 billion price error during winter storm, watchdog says"},"content":{"rendered":"
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<\/figcaption>

(Reuters) – Texas\u2019 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\u2019s power market, said.<\/p>\n

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.<\/p>\n

\u201cIn order to comply with the Commission Order, the pricing intervention that raised prices to VOLL (value of lost load) should have ended immediately at that time (late on Feb. 17),\u201d Potomac Economics said.<\/p>\n

\u201cHowever, 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,\u201d it said, adding the decision resulted in $16 billion in additional costs to ERCOT\u2019s markets.<\/p>\n

The findings of Potomac Economics were reported first on Thursday by Bloomberg and the Texas Tribune.<\/p>\n

Separately, rating agency Moody\u2019s Investors Service downgraded ERCOT by one notch from A1 to Aa3 and revised the grid operator\u2019s credit outlook to \u201cnegative\u201d on Thursday.<\/p>\n

On Wednesday, ERCOT\u2019s board ousted chief executive Bill Magness, as the fallout continued from a blackout that left residents without heat, power or water for days.<\/p>\n

The mid-February storm temporarily knocked out up to half the state\u2019s generating plants, triggering outages that killed dozens and pushed power prices to 10 times the normal rate.<\/p>\n

Many of ERCOT\u2019s directors have resigned in the last week and the head of the state\u2019s Public Utility Commission, which supervised ERCOT, resigned on Monday.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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