Association Webinars: Fostering resiliency with good market design: Lessons from Texas



In February 2021, winter storm Uri brought extreme cold to Texas for many days. The cold caused a spike in electricity demand and simultaneously a sharp drop in supply. The electricity shortage caused 4.5 million Texans to lose power for multiple days. This talk examines what happened and offers solutions to improve the resilience of critical infrastructures. Improved energy efficiency and price responsive demand would limit the demand spike. A forward energy market would let market participants manage risk and avoid default during a crisis.

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Peter Cramton is a Professor of Economics at the University of Cologne and the University of Maryland (Emeritus since 2018). Since 1983, he has researched auctions and market design, designing complex markets to achieve goals. Applications include electricity markets, financial markets, and auctions for radio spectrum. He has introduced innovative market designs in many industries. Cramton has advised many governments on market design and dozens of bidders in major auctions. He is an advisor and chief economist to companies implementing markets. From 2015-2021, Cramton was an independent director of the board of the Electric Reliability Council of Texas (ERCOT). He received his B.S. in Engineering from Cornell University and his Ph.D. in Business from Stanford University.

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Event Date: May 9, 2022

Event Time: 10:00 - 11:00 AM Eastern Time

Topic: Fostering resiliency with good market design: Lessons from Texas

Speaker: Peter Cramton

Price: FREE

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