AUSTIN – An appeals court on Friday rescinded an emergency pricing order Texas’ power grid regulator made during the 2021 deadly winter storm that cost...
AUSTIN – An appeals court on Friday rescinded an emergency pricing order Texas’ power grid regulator made during the 2021 deadly winter storm that cost consumers and power providers billions.
In a ruling released Friday, the Austin-based Third Court of Appeals ruled that the Public Utility Commission exceeded its authority in a directive that set the price of electricity at its cap amid the winter storm. The impact of the order could be far reaching as some power producers and electric companies have turned to the courts to clawback money lost during the storm.
The court ruled that the PUC went beyond what was allowable under Texas law by artificially setting the wholesale electricity price at the so-called high cap during the winter storm. The commission pinned the price at $9,000 per megawatt-hour during the storm and left the price there for two days after the storm subsided, resulting inOn Friday, electricity prices were hovering around $20 per megawatt-hour, according to ERCOT.
The court made no judgment on how its order would affect pricing, but said that it would hold further hearings “consistent with this Court’s opinion.” The lawsuit was filed by Vistra Energy subsidiary Luminant. The Irving-based company reported losing $2.5 billion related to the storm. Several other companies intervened in the suit.. Philip Jankowski has covered government, politics and criminal justice in Texas for 13 years. He previously worked for the Austin American-Statesman, the Killeen Daily Herald and the Taylor Press. Philip is a graduate of the University of Texas-Austin.
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