The Independent Market Monitor overlooking Texas’s wholesale electricity market just issued a report finding that “there was no evidence or market manipulation or market power abuse in relation to the widespread power plant outages that occurred the first week of February.”
Ironically, the report was released the same day that the Texas House of Representatives passed, by a vote of 123 – 20, HB 2133, which would allow the Texas Public Utility Commission to “disgorge” revenue from companies that engaged in market power abuse.
The market monitor’s report confirms what we have previously noted, that there is no evidence of any market power abuse, and thus that have brought Texas the most competitive electricity market in the United States. Indeed, for the last six years, the market monitor has found no evidence or market manipulation or market power abuse. Instead, it has repeatedly noted the increased efficiency and competitiveness of the marketplace.