A Texas court surprised the electricity world by ruling that the Public Utility Commission overstepped its authority during the deadly February 2021 winter storm when it raised the price of electricity to the maximum. | via TexasTribune
Congress Avenue in Austin during Winter Storm Uri on Feb. 16, 2021.
The exorbitant price of electricity during the storm pushed retail power providers and electricity cooperatives into financial distress across Texas. Many were forced to buy power on the wholesale market at high prices and filed for bankruptcy in the aftermath of the storm. Vistra Corp., Luminant’s parent company, lost at least $1.6 billion during the storm because it paid very high prices for natural gas to run its plants and was forced to procure electricity in the wholesale market to meet its delivery obligations to customers.
If the order stands, it could theoretically create a “gigantic mess” for the PUC and the state’s grid operator, the Electric Reliability Council of Texas to unwind the transactions that occurred during the days when the price was set at the $9,000 cap, said Alison Silverstein, who previously worked as a senior advisor for both the PUC and the Federal Energy Regulatory Commission.
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