For the almost two decades of its existence as an independent system operator, only electricity wonks, neo-liberal economists and systems engineers talked about ERCOT (the Electric Reliability Council of Texas). Then the lights went out last week, and then the water, and then a radically imperfect market design caused electric bills throughout the state to skyrocket.
Not surprisingly a raft of investigations has begun. In the 1990s deregulatory fervor first took hold in California where electricity prices were already high compared with the…Who’s To Blame For The Expensive Energy Bills In Texas?
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