The Ghost of Enron Haunts the Texas Power Grid

“There is one fundamental lesson we must learn from this experience: electricity is really different from everything else. It cannot be stored, it cannot be seen, and we cannot do without it, which makes opportunities to take advantage of a deregulated market endless. It is a public good…”

“Load-shed Ordered” is utility-industry speak for “Let the blackouts roll.”
Red River Rivalry gets a new twist. Oklahoma had as bad a freeze, but OG&E is a regulated utility.

Enron needs MOA

the message for consumer was you can save money if you drive without insurance

ERCOT instant jackpot: $47 billion

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.

— J.M. Keynes, The General Theory of Employment, Interest, and Money (1936)

Biggest Winners: Electricity generators who kept running

Winners: Anyone with natural gas — who could deliver it

Loser: Mexico

Biggest losers: retailers

Bankruptcies

And then there’s Griddy

Griddy’s sin was to take Texas free-market bloviation at face value

POLR

Caught-in-the-middles

Eventual losers: Texas ratepayers and taxpayers

Is it possible to de-mess Texas?

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Will Bates writes about science, technology, and business. His journalism has appeared in the New York Times, the Wall Street Journal, and numerous magazines.

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Will Bates

Will Bates

Will Bates writes about science, technology, and business. His journalism has appeared in the New York Times, the Wall Street Journal, and numerous magazines.

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