RE:RE:RE:RE:RE:JE transaction OTC March 24thGaillardDeshaie wrote: Capharnaum, Well, this House speaker can tweet what he want but he is the only one to do not acknowledge they have a major failure from energy providers who cause a distortion between Offer Vs Demand and in the same time an INCREASE on pricing to the roof. The question is: If energy providers didn't have any problem with frozen generator and some running out of fuel, the price will not be as $9000 mgW. ERCOT might be a nonprofut organisation, that doesn't mean they can't fail, which is they did, according to the Governor Abbott. IMHO. Time will tell. Gaillard.
Per definition, the House Speaker... speaks for the House. The House of representatives in Texas has 150 seats, so this means he speaks for a majority of those 150 representatives. Saying he's the "only" one is a misrepresentation.
As to Governor Abbott, he did a political dance but he hasn't backed the Senate bill (so far). He's conveniently waitting on a resolution from those below so he can "win" either way.
As to the power producers, those who had firm contracts and couldn't supply power had to pay hefty penalties. Innergex had a big bill related to that. However, being a better company than JE, they aren't hanging on "reversals" to survive.
The grid in Texas wasn't built to sustain such an event and companies like JE are buying wholesale electricity without firm contracts (because that's cheaper). It is convenient to cry that the suppliers that aren't on firm contracts weren't spending a lot of money to keep producing into the event when the wholesale purchasers are on a spot basis.