Public Utility Commission Chairman Peter Lake is pitching an untested market redesign for...
Public Utility Commission Chairman Peter Lake speaks during an interview in his office on Thursday, Sept. 2, 2021 in Austin, TX. To hear Peter Lake tell it, figuring out how to keep Texas' electric grid going during peak demand is akin to keeping a spare car in the driveway and knowing it will work when you need it.
That's where the car metaphor comes in. The sales pitch Lake delivered to the editorial board this week — and one he has been making to the state Legislature, which must approve the proposal — is called the Performance Credit Mechanism model. The commission is proposing to pay generators of dispatchable energy in advance to have power available during peak demand hours, which he believes will lead to a more reliable grid at only a marginally higher cost.
Ever since the commission, which regulates Texas' grid, rolled out this proposal in November, this board, as well as many state lawmakers, have been mostly skeptical. We have questioned why the commission went against the recommendations of a consultant it paid to evaluate different electric market concepts in favor of a model that no other state in the nation uses.
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