The six independent members of the ERCOT Board of Directors have announced that they will resign after tomorrow's emergency Board meeting.
I admire their willingness to accept responsibility - the mark of true leaders. But scapegoating ERCOT's Board here is absurd. 1/
I admire their willingness to accept responsibility - the mark of true leaders. But scapegoating ERCOT's Board here is absurd. 1/
ERCOT's leaders have spent many years implementing a unified vision in Texas for electricity competition. In my experience, that unified vision among politicians, regulators, grid operators, etc., is incredible rare. No other RTO (even the other single state RTOs) has that. 2/
I'm not in Texas so maybe this is easy for me to say, but to make ERCOT's leaders targets now (including one who is unquestionably brilliant and has barely been on the Board a month) infuriates me. 3/
No one has answers yet on whether this could have been prevented, despite the very certain statements you might read in the press or on Twitter that are mostly designed to confirm priors about capacity markets, price caps, etc., now that a crisis is causing us to rethink them. 4/
Anyway, if you want to know why RTOs make conservative decisions, keep capacity markets and big reserve margins around, this is why. Because they alone suffer the consequences of events like this, even if they are not to blame.
Frustrating. 5/
Frustrating. 5/
Reminder - this Twitter feed is my personal views. These are some strongly held views that I have. So be it. 6/6
P.S., I was not intending to break news here, this came out this AM. I stewed in this all day and wanted to share my personal views. And that's all they are.
P.S. - Presented without comment for context:
https://twitter.com/PatrickSvitek/status/1364332679110426624
• • •
Missing some Tweet in this thread? You can try to
force a refresh
