This episode is all about the Texas energy crisis in early 2021.
Here are the takes on the episode from our three hosts:
James - This is not a market design problem, but a system design problem. CA does IRP, NE does capacity markets, ERCOT does energy only. All of them saw major failures (CA—both supply and distribution, NE—distribution, ERCOT—Supply) in a 6 month time period. We must value resilience instead of efficiency.
Colleen - This ended up being a supply crisis, but could have easily been a demand crisis. We have now realized you can't just look to more supply. We need to think more on demand and how to build for future holistically.
Duncan - The future’s going to be full of problems like this. Engineering for future operating conditions that haven’t been seen before is tough, and today’s markets and regulations don’t contemplate this.
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#11 The Texas Resilience Gamble