The action comes after the Legislature ordered the agency to make changes to the power...
The storm, which resulted in at least 200 deaths, loaded ratepayers with $2.1 billion in debt they’ll be paying off for years. Under pressure from factors including the freeze, equipment failures, sky-high natural gas prices and the wholesale cost of electricity reaching its cap of $9,000 per megawatt hour for days on end, some retailers and electricity cooperatives were forced into bankruptcy.
The Legislature will be able to weigh in on whatever the PUC decides and potentially take other action during the current session. Existing thermal generators, which use fossil fuels to make power, Gov. Greg Abbott, PUC Chairman Peter Lake.Two iterations of this plan are being discussed. The original would take some older thermal plants out of the competitive energy marketplace and give them fixed-term contracts to stay operational and turn on when reserves are tight or near emergency conditions.
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