Governor Greg Abbot put him and all the others on the PUC board.
Greg Abbot is a freaking idiot.
There are utility companies in Texas that offer flexible pricing which offers very low if not almost free electricity when demand is low. Those customers should have understood the other side of that equation.
Those Texans will be on the hook for power prices that at times spiked 9000 per cent.
Greg Abbott bankrupted innocent companies:
Griddy made no money from any electricity sold. It merely passed on the real time pricing to its customers, for a flat fee of $10/month.
Greg Abbott forced fake real time pricing for 90 hours. That fake pricing was an add-on to the real real time pricing. In the latter hours, the real real time pricing was $0.30/Megawatt hour, but the adder was “$8,999.70.” Divide those by 1,000 to get the Kilowatt hour equivalent.
Greg Abbott defends those who illegally wrongly say repricing cannot occur, because, due to its charter, that is EXACTLY what is supposed to happen.
Greg Abbott is an idiot.
Enron2.
People made billions speculating on a disaster.
If you would avoid a conflict of interest, don’t have one.
These people are up to their ears in conflicts of interest.
OG&E is claiming they need to recover $1 billion in gas expenses from their rate payers. Somebody should look at where they actually sold power that the $1 billion produced. I bet they would find a lot of it was sold opportunistically and the cost has already been recovered.
OG&E owns the Oklahoma Corporation Commission just like the utilities own the PUC anc bureaucrats own the appraisal boards all across the nation.
People do what they know and are comfortable with. Politicians are only good at being politicians, on everything else they are ignorant fools out of their depth.
A market designed by market Participants.
Protocols written by market Participants.
Protocols approved by the political driven PUCT.
What could go wrong?
It did.
so if the market collapses,
ERCOT sets the price?
min price or max price?
please be as specific as you can be