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ERCOT Unveils Plan for Invoicing Default Uplift Charges
ERCOT market participants are grappling with the resulting financial fallout from winter storm Uri, which devastated Texas in February. Many are now familiar with actions the Texas Public Utility Commission (PUCT) took during the weather event, moves made with the intent to bring and maintain as much generation online as possible.
Most notable, the commission ordered ERCOT to implement a temporary adjustment to the scarcity pricing mechanism, which is designed to result in real-time prices reaching the system-wide high offer cap at the statutory maximum of $9,000/MWh during the height of the forced outages.
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In the wake of winter storm Uri, ERCOT market participants are grappling with the resulting financial fallout. Many are now familiar with actions the Texas Public Utility Commission took during the February weather event with the intent to bring and maintain as much generation online as possible – notably ordering ERCOT to implement a temporary adjustment to the scarcity pricing mechanism designed to result in real time prices reaching the system-wide high offer cap at the statutory maximum of $9,000/mWh during the height of the generation forced outages.
Now, more than two months removed from the storm, the resulting financial impacts are having serious repercussions across the ERCOT market. Several retail electric providers have filed for bankruptcy, lawsuits are underway against a wide swath of market participants and regulators (ERCOT, the Public Utility Commission, generators, REPs, gas utilities, etc.), and countl
Business owner hit with $18,000 power bill after winter storm
“It’s frustrating and something to lose sleep about as well,” Cherubini said.
He says he incurred the cost from February’s winter storm.
“To get a bill like this and not be responsible for it is really frustrating,” he added.
Cherubini learned, though, he wasn’t alone. ABC13 has reported on high bills because of the storm, leaving many to wonder how they’re going to pay for it. We took their concerns and questions to the Better Business Bureau.
“First, dispute the charge with your credit card company. If its auto-pay and being deducted from your bank account, we suggest you turn off auto-pay until those charges are disputed,” said VP of Operations at BBB Houston, Leah Napoliello.
Months after widespread power failures during the sustained freeze in February, the Electric Reliability Council of Texas on Tuesday named an interim president and CEO to lead the state s electric grid operator.
In the weeks following the freeze, Bill Magness, the former president and CEO of ERCOT, which serves about 90% of Texas, was fired by the agency s board of directors. Seven members of ERCOT s board of directors also resigned from their positions.
Brad Jones, CEO of New York s main electric grid operator from October 2015 to October 2018, will start his tenure as the president and CEO of ERCOT on May 4, the agency said Tuesday.
Jones has more than three decades of experience, including a role as ERCOT vice president of commercial operations.
In addition to that work, Jones has served as president and CEO of the New York Independent System Operations, chairman of the Edison Electric Institute s Executive Advisory Committee and a board member for the Gulf Coast Power Association.
Jones is a University of Texas at Arlington and Texas Tech alum, with a bachelor s degree in mechanical engineering and a master s in business administration. I commend the ERCOT Board for confirming a leader of Brad s caliber as interim CEO, Texas Public Utility Commission Chairman Peter Lake said. He brings the right combination of ERCOT knowledge and broad industry expertise needed to provide the stability and reliability that Texans expect and deserve.