Daily Email







Texas Gov. Makes Another Appointment To Texas PUC, To Be Chair

During Confirmation Hearing, Earlier PUC Nominee McAdams "Agrees" Extended $9,000 Pricing Was Wrong

April 12, 2021

Email This Story
Copyright 2010-21
Reporting by Paul Ring •

The following story is brought free of charge to readers by EC Infosystems, the exclusive EDI provider of

Texas Governor Greg Abbott has appointed Peter Lake to the Public Utility Commission of Texas (PUC) for a term set to expire September 1, 2023.

If confirmed by the Senate, the Governor will designate Lake as Chairman of the PUC.

Lake is the former head of business development at Lake Ronel Oil Company, and previously served as director of special projects for VantageCap Partners.

Lake also worked as a trader and director of research at Gambit Trading, a member firm of the Chicago Board of Trade and the Chicago Mercantile Exchange specializing in futures and other derivatives.

Lake has served on the Texas Water Development Board since December 2015, and as chairman since 2018.

Separately, during a Senate confirmation hearing, Will McAdams, a nominee of Governor Abbott to the Public Utility Commission of Texas, agreed that continued administrative pricing at $9,000 per MWh after rolling outages had ended during the recent weather event was wrong, but said that re-pricing would be difficult outside of a 30-day period after the event.

The Senate Committee on Nominations today favorably recommended McAdams's nomination to full senate for confirmation

Under questioning, McAdams said of the pricing at $9,000, "I can't see ultimately what the objective was at holding at that level," after rolling outages had ended, though he said that PUC Commissioners may have had access to data that he is not privy to which led to the decision.

McAdams noted that the system had 16,000 MW of reserves on at the time a decision was made to continue the $9,000 pricing. "I don't see myself making that decision with the facts that I have now," McAdams said

Noting the amount of generation with mechanical failures, McAdams said, "it's hard to see what you would be incenting to come back into the market," with the extended $9,000 pricing.

In any changes to the market, McAdams stressed, however, that he wants to make sure that, "we don't want to disincent," generation from supplying power when the system needs it

Asked specifically by a senator, in recounting a prior conversation with the senator, to affirm that McAdams believes that holding at $9,000 for an additional 32 hours was wrong, McAdams said, "I agree."

McAdams also agreed that PURA 39.151(d) provided the PUC with authority to correct ERCOT prices within 30 days

However, McAdams said that 39.151(d) is not unlimited and that re-pricing after such time would be "difficult" for anyone owed financial obligations

Speaking generally about the agency, McAdams said that policymakers have an opportunity to establish regulatory guardrails that would provide meaningful protections for consumers while establishing expectations that the industry could adapt to and thrive in

McAdams said that he would reaffirm the agency's "core mission" of protecting the interest of consumers and the reliability of Texas's essential services

Speaking specifically about securitization, McAdams only mentioned non opt-in entities (co-ops)

McAdams also listed as a priority giving the PUC tools to integrate renewables, such as by pairing them with dispatchable generation to firm-up intermittent power

NEW Jobs on
NEW! -- Sales Development Representative (SDR) -- Houston
NEW! -- Customer Retention Manager -- Retail Supplier -- Houston
NEW! -- Structure & Pricing Analyst -- Retail Supplier -- Texas
NEW! -- Director, Pricing -- Retail Supplier
NEW! -- ERCOT Billing Specialist -- Retail Supplier -- Texas
NEW! -- Senior Analyst - Pricing & Structuring -- Retail Supplier -- Houston
NEW! -- Sr. Analyst, Structuring -- Retail Supplier
NEW! -- Account Operations Manager -- Retail Supplier
NEW! -- Senior Busines Analyst -- Retail Supplier
NEW! -- Senior Project Manager -- Retail Supplier
NEW! -- Lead Data Analyst -- Retail Supplier
NEW! -- Operations Associate -- Retail Supplier
NEW! -- Pricing Analyst
NEW! -- Data Operations Analyst
NEW! -- Chief of the Planning and Procurement Bureau, Illinois Power Agency
NEW! -- Energy Operations & Reporting Associate
NEW! -- Commercial Sales Support Representative -- Retail Supplier
NEW! -- Channel Partner/Channel Sales Manager -- Houston
NEW! -- Wholesale Originator -- Retail Supplier -- Houston
NEW! -- Trading Analyst -- Retail Supplier
NEW! -- Renewables Trader -- Retail Supplier
NEW! -- Channel Partner Sales Manager -- Retail Supplier
NEW! -- Experienced Retail Energy Account Manager
NEW! -- Sales Channel Manager -- Retail Supplier

Email This Story


Copyright 2010-21 Energy Choice Matters.  If you wish to share this story, please email or post the website link; unauthorized copying, retransmission, or republication prohibited.



Daily Email