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March 17, 2023 1:44 PM Court rescinds winter storm emergency pricing order that cost Texans billionsThe court ruled that the PUC went beyond what was allowable under Texas law by artificially setting the wholesale electricity price at the so-called high cap during the winter storm Dallas Morning News Reporter Phil Jankowski with
the story: An appeals court on Friday
rescinded an emergency pricing order Texas’ power grid regulator made during
the 2021 deadly winter storm that cost consumers and power providers billions. In a ruling released
Friday, the Austin-based Third Court of Appeals ruled that the Public Utility
Commission exceeded its authority in a directive that set the price of
electricity at its cap amid the winter storm. The impact of the order could be
far reaching as some power producers and electric companies have turned to the courts
to clawback money lost during the storm. The court ruled that the
PUC went beyond what was allowable under Texas law by artificially setting the
wholesale electricity price at the so-called high cap during the winter storm.
The commission pinned the price at $9,000 per megawatt-hour during the storm
and left the price there for two days after the storm subsided, resulting in
$16 billion of overcharges, according to Texas’ power grid independent market
monitor.
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Copyright March 17, 2023, Harvey Kronberg, www.quorumreport.com, All rights are reserved