RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-03-02 12:10:00

TEXAS ENERGY SHORTFALL $2.5 BLN

TEXAS ENERGY SHORTFALL $2.5 BLN

BLOOMBERG - 2 March 2021 - Texas’s grid operator said it’s short nearly $345 million in payments from retail power providers and others after electricity prices skyrocketed during last month’s energy crisis.

That brings the total shortfall to nearly $2.5 billion, according to a market notice.

The Electric Reliability Council of Texas, known as Ercot, said it covered some of that debt by using $800 million in revenues from another market, but remains nearly $1.7 billion short.

The shortfall comes after last month’s Arctic blast knocked nearly half of the state’s power generating capacity offline and left more than 4 million homes and businesses in the dark for days. Amid the crisis, Ercot set power prices at $9,000 a megawatt-hour in a failed bid to incentivize power producers to feed more electricity into the system.

Instead, the high prices put a financial strain on some utilities, power retailers and generators. On Sunday, Brazos Electric Power Cooperative, the largest power generation and transmission cooperative in Texas, filed for bankruptcy after racking up an estimated $2.1 billion in charges over seven days of the winter storm. The company owes Ercot a disputed $1.8 billion in collateral.

If Ercot cannot come up with financing to cover the underpayments, the debt could end up being shared by everyone in the Texas market, including consumers. Amid the fallout, seven of Ercot’s board members have resigned. The head of the Public Utility Commission of Texas resigned Monday.

The grid operator said in the notice Monday that, going forward, it would identify the identities of the companies that hadn’t paid.

-----


Earlier:

TEXAS ENERGY SHORTFALL $2.5 BLN
2021, March, 1, 10:45:00
U.S. TEXAS NEED GAS
Those essentials include power for natural gas wells, processing plants and compressor facilities, but Texas Energy Reliability Council Chairman James Cisarik said keeping natural gas flowing to power plants requires operational water, communication and transportation infrastructure.
TEXAS ENERGY SHORTFALL $2.5 BLN
2021, February, 25, 11:55:00
TEXAS GAS PRICES UP 10,000%
The unusually cold temperatures caused life-threatening blackouts that left millions of Texans without power for days. And although residents of that state suffered the brunt of the energy crisis, the repercussions spread across the country.
TEXAS ENERGY SHORTFALL $2.5 BLN
2021, February, 24, 10:35:00
US ENERGY SUSTAINABILITY
Severe cold weather in parts of the USA last week contributed to power outages affecting millions of electricity customers across Texas, Louisiana and Oklahoma.
TEXAS ENERGY SHORTFALL $2.5 BLN
2021, February, 24, 10:30:00
U.S. ENERGY COOLING
The power supply collapse in Texas was caused by extreme and aberrant cold weather, freezing the electric generators. The system wasn’t designed to withstand what occurred -- and what may occur elsewhere in a time of new and terrifying instability in the world’s weather systems.
All Publications »
Tags: ENERGY, TEXAS, RENEWABLE