Texas lawmakers passed measures meant to stabilize the state’s power market after deadly winter freeze, but many say a broader overhaul is needed to keep it stable
Texas lawmakers passed measures meant to stabilize the state’s power market in the wake of, but many legislators and others agree a broader overhaul is needed to keep it stable.
The measures require power-plant owners to take steps to ensure their fleets can function during extreme cold snaps. They also direct state agencies to map critical infrastructure, and provide financial support for several large electricity cooperatives and retail electricity providers that purchased power at astronomical prices during the four-day freeze.
They do little to alter the fundamental structure of the Texas power market or provide direct financial relief for Texas consumers impacted by, which killed at least 151 people, according to the official state tally. Texas spent more than $46 billion buying electricity during a single week, more than five times what it spent on electricity in all of 2020.
On Thursday, five former regulators and a former adviser with the Public Utility Commission of Texas issued a report with recommendations on how to safeguard the state’s power market, most of which go beyond the measures taken in this legislative session. They include devising more stringent weatherization standards for gas and electricity producers and evaluating whether different approaches to grid stability are needed during winter and summer.
Lt. Gov. Dan Patrick, a Republican who presides over the Texas Senate, said he was largely pleased with the legislation but believes lawmakers will need to consider a broader market overhaul, likely before the next regular legislative session in 2023.
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