Texas Monitor Says New Grid Rules Raised Costs by $8 Billion

📆 9/15/2023 9:54 PM
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(Bloomberg) -- The latest effort by the operator of Texas’s electricity grid to ensure reliability has created an artificial scarcity of supply and likely raised wholesale costs by about $8 billion, according to a new analysis.Most Read from BloombergDisney Talks on ABC Sale Heat Up as Byron Allen Makes OfferUnited Auto Workers Call Unprecedented Strike at All Three Detroit AutomakersCaesars Entertainment Paid Millions to Hackers in AttackVideo-Game Company Unity Closes Offices Following Death T

The Electric Reliability Council of Texas in mid-June introduced a new pool of power reserves that could come online quickly to help keep the grid stable. The Ercot Contingency Reserve Service, or ECRS, was designed to tap supplies that can come online within 10 minutes to help fill in for solar power dropping at sunset and to keep the grid’s frequency in check.

Potomac Economics, a firm employed by the state as the independent monitor of the Texas power market, published its analysis of ECRS on Friday. It said that while the initial estimate for additional costs is $8 billion, the number is likely to increase.On Thursday, Bloomberg published an analysis that showed ECRS was responsible for 2,000 megawatts of relatively cheap power supply sitting idle on the afternoon of June 20, when real-time prices soared to more than $4,500 per megawatt-hour.

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