SRE - Texas regulator stands pat on $16B power overcharge

The Public Utility Commission of Texas says it will not rescind $16B in alleged overcharges for electricity during last month's blackouts, leaving the Texas power market facing a potential financial crisis.PUC Chairman Arthur D'Andrea says it is too difficult to reprice the energy markets and involved too many uncertainties: "It is nearly impossible to unscramble this sort of egg."Potomac Economics, the state's independent market monitor, had recommended reversing $16B in charges, saying ERCOT overpriced power for two days during the crisis.The grid operator now faces a $2.5B shortfall as more than a dozen companies face default; at least one utility already has filed for bankruptcy.The PUC also declined to vote on a request to retroactively adjust the price of certain grid services during the emergency, a move that would have offered relief to distressed companies and potentially saved consumers $2B, according to the market monitor.Potentially relevant tickers include [[VST]], [[NRG]],

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Texas regulator stands pat on $16B power overcharge