ERCOT Discloses Settlement Timeline, Invoice Payouts During Second Board Meeting After Winter Disaster

The Electric Reliability Council of Texas Inc. on March 12 held an urgent Board of Directors meeting in which invoice payouts for market participants and settlements across Feb. 19 – March 8 were divulged. From Feb. 13 – 19, the state of Texas was plagued with near-unprecedented grid infrastructure failures due to extreme winter weather.

The first half of the board’s presentation further discussed the course of the storm and outlined challenges and issues that ERCOT claimed was completely out of its control, including the timing of industrial loads and power plants continuing to experience failures due to extreme supply in the face of the hostile, cold weather. ERCOT maintains that its response “maintained maximum supply and encouraged maximum economic demand response”.

The second half of the presentation included key statistics and data, beginning with  the invoice payout amounts to market participants from Feb. 8-26. Alongside this were the settlement timeline illustrations from Feb. 19 – March 8. To conclude the presentation, ERCOT also detailed its Short Pay and Uplift Process.

ERCOT manages the flow of electric power to more than 26 million Texas customers — representing about 90 percent of the state’s electric load.