{"id":109296,"date":"2021-03-11T15:59:58","date_gmt":"2021-03-11T15:59:58","guid":{"rendered":"https:\/\/fin2me.com\/?p=109296"},"modified":"2021-03-11T15:59:58","modified_gmt":"2021-03-11T15:59:58","slug":"texas-regulator-warns-lawmakers-against-rollback-in-storm-power-prices","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/texas-regulator-warns-lawmakers-against-rollback-in-storm-power-prices\/","title":{"rendered":"Texas regulator warns lawmakers against rollback in storm power prices"},"content":{"rendered":"<figcaption>FILE PHOTO: An electrical substation is seen after winter weather caused electricity blackouts in Houston, Texas, U.S. February 20, 2021.  REUTERS\/Go Nakamura<\/figcaption><p>(Reuters) &#8211; The head of Texas\u2019s power regulator told lawmakers on Thursday that any effort to retroactively reduce the power prices levied during a recent storm would lead to lawsuits that the state could lose.<\/p>\n<p>The state\u2019s power grid operator raised power prices sharply during a February freeze that pushed two power companies into bankruptcy and others have warned of potential bankruptcies. Top officials this week called on the Public Utility Commission (PUC) of Texas to immediately reduce about $16 billion in power prices.<\/p>\n<p>Any repricing would trigger lawsuits that the commission would lose, PUC Chairman Arthur D\u2019Andrea bluntly told lawmakers at a hearing in Austin. Commodity contracts used to hedge power have closed and any repricing \u201cwill have consequences\u201d for the state\u2019s power, agriculture and other markets, he said.<\/p>\n<p>\u201cIf I do it, I get sued and lose right away,\u201d he told a state committee. The legislature could attempt to change the pricing by passing a bill, but it also would face lawsuits and could lose, he added.<\/p>\n<p>The state independent market adviser has recommended a pricing of the final 32 hours of the five-day emergency and called for some service fees to be cut, citing grid rules. Emergency charges amounted to $16 billion for power and about $1.5 billion for service fees tied to the power price.<\/p>\n<p>The state\u2019s governor, lieutenant governor and 28 of 32 state senators this week also called on the PUC and grid operator to \u201ccorrect\u201d the final 32 hours of power pricing, citing the recommendation and impact on utilities.<\/p>\n<p>\u201cThese corrections are squarely within your authority, whether by your own action or an order to ERCOT,\u201d the senators told D\u2019Andrea in a letter on Tuesday, referring to the state grid operator by its acronym.<\/p>\n<p>\u201cI disagree\u201d with the senators\u2019 call, D\u2019Andrea said. He has continually ruled out a power price rollback, arguing \u201cit is impossible to unscramble\u201d insisting the decision to raise prices during the cold snap was known to all grid users.<\/p>\n<p>Intercontinental Exchange Inc. (ICE), which handles Texas power trades, last week closed contracts that covered billions of dollars in state power trades and has no authority to reopen settled contracts. ICE has deferred settling four contracts tied to the service fees that are much smaller in value, people familiar with the matter told Reuters.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/usa-texas-powerregulator\/update-1-texas-regulator-warns-lawmakers-against-rollback-in-storm-power-prices-idUSL1N2L91QG\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: An electrical substation is seen after winter weather caused electricity blackouts in Houston, Texas, U.S. February 20, 2021. REUTERS\/Go Nakamura(Reuters) &#8211; The head [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":109295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Texas regulator warns lawmakers against rollback in storm power prices - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/texas-regulator-warns-lawmakers-against-rollback-in-storm-power-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Texas regulator warns lawmakers against rollback in storm power prices - Fin2me\" \/>\n<meta property=\"og:description\" content=\"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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