Texas Public Utility Commission rule aimed to lower power costs, but made things worse instead
Why didn t the state have rules preventing power cost from staying at $9,000/MW during the storm? It did, but the rules were flawed. Author: Andrew Moore Updated: 9:03 PM CDT May 6, 2021
TEXAS, USA Power prices in Texas skyrocketed to $9,000 per MWh for four days during Winter Storm Uri. As a result, power companies declared bankruptcy, people with variable rate plans saw their bills max out and those who bought power at wholesale prices saw bills in the thousands.
Why didn t Texas have rules to keep this from happening? Actually they did, but the rules were flawed. Now the state is fixing them.