AUSTIN, Texas (Nexstar) – Lt. Gov. Dan Patrick called on the Public Utilities Commission and the Electric Reliability Council of Texas to correct a pricing error that occurred during and after the winter storm in Texas.
As you may recall, a report was released in recent weeks about an independent economics firm catching a pricing error that extended well beyond the power outages across the state.
The report states the PUC ordered ERCOT to institute a $9,000 per megawatt-hour cost cap, which is designed to encourage increased power generation in times of an extreme shortage, on Feb. 15. Potomac Economics, the firm serving as ERCOT’s marketing monitor, later notified ERCOT to lift the PUC’s changes.
However, Lt. Gov. Dan Patrick says ERCOT ignored the message from Potomac and the pricing changed through Feb. 18 and into Feb. 19 resulting in an additional $16 billion in charges.
Patrick called correcting the mistake, ‘the right thing to do’ and would go a long way to helping customers.
ERCOT protocols say the entity has 30 days from the event to correct pricing errors, but neither ERCOT nor PUC have made any changes, according to Patrick.