Fear the Texas market is not producing enough dispatchable generation is leading to government interventions that could prove costly.
Winter Storm Uri has prompted a number of reforms for the Texas grid, but some of those would do more harm than good, disrupting market innovation.Two years after Winter Storm Uri, many Texans remain worried they will again be left without power at a critical moment. This worry has spurred needed grid reforms, such as the weatherization of power plants.
The reality is somewhat different. Texas’ electric generators boast over 142 gigawatts, or GW, in installed generation capacity, of which 88 GW is thermal generation . Nevertheless, the fear that the Texas market is not producing enough dispatchable generation is leading to government interventions that could prove costly to consumers. Recently, the state’s Public Utility Commission, or PUC, voted in favor of creating a performance credit mechanism that would reward dispatchable generators that provide power during the highest hours of demand.
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