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Houston — Texas regulators March 3 ordered the resumption of a scarcity-pricing rule that changes the Electric Reliability Council of Texas systemwide offer cap from $9,000/MWh to the higher of either $2,000/MWh or 50 times a natural gas fuel index price.

The Public Utility Commission of Texas convened virtually the evening of Feb. 15 and suspended the “circuit-breaker” pricing mechanism that would change the systemwide cap from $9,000/MWh to the greater of $2,000/MWh or 50 times the natural gas price index, when the peaker net margin threshold of $315,000 is reached.

The fuel index price ERCOT currently uses is at the Katy, Texas, location, where S&P Global Platts assessed it at …

AUSTIN (Texas Tribune) — The Electric Reliability Council of Texas made a $16 billion error in pricing during the week of the winter storm that caused power outages across the state, according to a filing by its market monitor.

Potomac Economics, the independent market monitor for the Public Utility Commission of Texas, which oversees ERCOT, wrote in a letter to the Public Utility Commission that ERCOT kept market prices for power too high for nearly two more days after widespread outages ended late Feb. 17. It should have reset the prices the following day.

That decision to keep prices high, the market monitor described, resulted in …