Econonomics of Energy and Environmental Policy

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The Texas Deep Freeze of February 2021: What Happened and Lessons Learned?

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Although various factors were blamed for the extended power outage on the ERCOT electricity grid in February 2021, no single problem fully explains the calamity. All forms of generation experienced capacity deratings, but failure to identify and address risks along fuel supply chains was a major contributor. Moreover, most proposed remedies do not fundamentally address what occurred. Some may be driven by opportunistic lobbying. We make several recommendations, some of which are already being implemented.
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Keywords: Electricity Markets, Natural Gas, Wind, Market Structure, Reliability, Winterization

DOI: 10.5547/2160-5890.12.2.phar

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Published in Volume 12, Number 2 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.


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