March 17, 2021      7:06 PM
In standoff over repricing, Chairman Paddie points to realities of the ice storm while Patrick adds opinion from Paxton to his arsenal
Patrick says “The clock is ticking” as he rushes legislation while Chair Paddie’s committee hears options like securitization of debt and reforms to communication, infrastructure and pricing going forward
Lt Gov. Dan
Patrick, racing to beat the clock, is urging the Texas House
to follow the Senate’s lead and pass legislation that will
reprice electricity during Winter Storm Uri.
ERCOT functions on two deadlines: a 30-day
deadline to close uncontested contracts and a 55-day deadline to closing
contracts where there needs to be a settle up.
When looking at the
dates where electric power use in Texas was at its highest and most expensive –
February 18 and February 19 – the bell is about to ring on whether the PUC
has time to move and reprice the market, a move Chair Arthur D’Andrea has declined to do because of the long-term
ramifications it could have on Texas credit. Of course, he’s
tendered his resignation pending appointment of a replacement.
By Kimberly Reeves