Court rescinds winter storm emergency pricing order that cost Texans billions

by Philip Jankowski, Dallas Morning News | Source: Dallas Morning News | Posted 03/17/2023

Related meeting(s):

04/27/22 - HEARINGS - Luminant Energy Company LLC, Appellant v. Public Utility Commission of Texas, Appellee

Irving-based Vistra Energy sued the Public Utility Commission over an order that pinned electricity prices at a cap during the 2021 winter storm.

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A Texas appeals court in Austin ruled that the Public Utility Commission exceeded its authority during the 2021 winter storm by allowing wholesale electricity prices to spike, leading to over $16 billion in overcharges. The court found that the commission violated state law by setting the price at a $9,000 per megawatt-hour cap, far above the normal price, resulting in power outages for nearly half of Texans and over 200 storm-related deaths.

The court's decision resurrects the possibility of consumers and companies seeing reductions in their power bills as it remands the case for further hearings. The ruling may prompt the potential revisiting of prices charged during the crisis by the PUC and ERCOT, providing an opportunity to void and reprice disputed invoices, which was previously deemed impossible in the aftermath of the storm. The court emphasized the significant financial impact of the ruling, indicating ongoing legal proceedings with uncertain outcomes for all involved.

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Source Link: https://www.dallasnews.com/news/politics/2023/03/17/court-rescinds-winter-storm-emergency-pricing-order-that-cost-texans-billions/

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Court rescinds winter storm emergency pricing order that cost Texans billions

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