A Texas appellate court surprised the electricity world Friday by ruling that the Public Utility Commission overstepped its authority during the deadly February 2021 winter storm when it raised the price of electricity to the maximum, $9,000 per megawatt-hour.
The price was set that high on Feb. 15 and 16 and kept there for days by the commission in charge of regulating Texas’ electricity in an effort to tell the market that more power generation was urgently needed. Its leadership believed that the financial tool meant to adjust the cost of electricity was malfunctioning as electricity generators fell offline and grid operators cut power to homes and businesses, the ruling explains.
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