House Speaker Dade Phelan released the following statement concerning prices during Winter Storm Uri via Twitter.
“During Winter Storm Uri, ERCOT and the Public Utility Commission of Texas made management decisions to set and keep the real-time prices at the system cap of $9,000/MWh, which was a proactive decision and not an error based on the electric market. ERCOT and PUC failed Texas repeatedly during this tragic event, but the decisions made on pricing were made based on ensuring the reliability of the grid. I believe that these decisions may have saved lives.
In addition, testimony in the House today demonstrated the complexity of the financial elements of resettlement, and we learn more daily about the economic ramifications associated with repricing.
After nearly 30 hours of testimony about the failure of the electric grid, the House has developed a series of reforms to protect consumers, restructure ERCOT, create securitization for distressed utilities, build infrastructure, and improve resiliency in our energy market. These House bills are set for hearing this week.
Repricing based on disagreement with PUC and ERCOT’s management decisions is an extraordinary government intervention into the free market, which may have major consequences for both residential and commercial consumers going forward. The House will continue to examine this issue that touched the lives of every single Texans directly and indirectly.”