FERC examining 'wrongdoing' in power markets during cold snap FacebookTwitterEmail A map of Texas showing the state s transmission lines is a focal point in the control room of the Electric Reliability Council of Texas, which operates most of the state's power grid. (Ryan Holeywell/Houston Chronicle)Ryan Holeywell / Houston Chronicle WASHINGTON - The Federal Energy Regulatory Commission announced Monday it would be examining power market activity over the last week for incidents of market manipulation as cold weather ravaged power grids in Texas and other states. In Texas, the state's grid operator reported close to a third of power generators went offline due to the cold or weather-related fuel shortages, forcing widespread blackouts and causing wholesale power prices to spike to more than 300 times normal levels.