In the now obviously challenged Electric Reliability Council of Texas (ERCOT) power market, a strange dance recently occurred. On February 21, 2021, the Public Utility Commission of Texas (PUCT), which oversees ERCOT, issued an order authorizing ERCOT to use its sole discretion in taking actions under the ERCOT Nodal Protocols to resolve financial obligations between a market participant and ERCOT. Over the next two days, ERCOT responded with three notices with conflicting messages to market participants.

Read our Legal Update for further detail on the movements up and back.