More Polar Vortex 2021 Fallout (and Texas Two-Step): Monitor for ERCOT Identifies Improper Payments for Ancillary Services and $16B of Excessive Prices; PUCT Orders Clawback But Not for Excessive Prices | Mayer Brown - Tax Equity Times

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On March 1, 2021, Potomac Economics, the Independent Market Monitor (IMM) for the Electric Reliability Council of Texas (ERCOT), filed a
report with the Public Utility Commission of Texas (PUCT) that certain payments were made by ERCOT for Ancillary Services (AS) that were not provided.
According to the IMM (emphasis added):
There were a number of instances during the operating days outlined above in which AS was not provided in real time because of forced outages or derations. For market participants that are not able to meet their AS responsibility, typically the ERCOT operator marks the short amount in the software. This causes the AS responsibility to be effectively removed and the day-ahead AS payment to be clawed back in settlement. However, the ERCOT operators did not complete this task during the winter event, and therefore the "failure to provide" settlements were not invoked in real time.

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