Texas power grid operator overcharged companies $16B during winter freeze

The Electric Reliability Council of Texas made a massive error that resulted in $16 billion in overcharges last month when millions of residents were left without power after a historic winter storm, according to a watchdog that oversees the power grid operator. ERCOT set the maximum price of electricity at $9,000 per megawatt-hour, which caused the massive overcharges from 12 a.m. Feb. 18 to 9 a.m. Feb. 19., Bloomberg reported, citing Texas’ independent market monitor Potomac Economics.-- More...