More Polar Vortex 2021 Fallout: "Austin, We Have a Problem" – Aggregate ERCOT Payment Shortfall Around $3B, But ERCOT Can Only Bill "Default Uplift" at $30M Per Year | Mayer Brown - Tax Equity Times
On April 23, 2021, the Electric Reliability Council of Texas (ERCOT) issued a Market Notice that estimated the cumulative aggregate short pay amount due to Storm Uri at $2,992,497,089.61. Subsequently, on April 27, 2021, ERCOT issued a Market Notice noting that, under ERCOT’s rules, Counter-Parties must maintain Financial Security or an Unsecured Credit Limit at an amount that equals or exceeds its Total Potential Exposure (TPE) and further stating that ERCOT intends to issue Default Uplift Invoices that collectively total no more than $2.5 million each month, the limit set by ERCOT Proto...
Source: jdsupra.com