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ERCOT to change Texas energy prices to meet high demand amid winter storm

A Public Utility Commission order stated that ERCOT should correct any past prices to reflect the current shortage of energy.

TEXAS, USA — With nearly 4 million Texans in need of power amid the winter storm that struck the state, demand for energy is exceptionally high. The demand has exceeded the supply that the state has to offer. 

As a result, the Public Utility Commission of Texas held an emergency meeting on Monday where officials introduced an order that would adjust energy prices. The order said in part, "Energy prices should reflect scarcity of the supply. If customer load is being shed, scarcity is at its maximum, and the market price for the energy needed to serve that load should also be at its highest."

The order also stated that The Electric Reliability Council of Texas (ERCOT), the organization that monitors Texas' power grid, should correct any past prices to reflect the current shortage of energy. However, there are caps in place in the order to make sure consumers are protected from skyrocketing prices. 

The order also stated that energy companies across the state need to continue to shed power during the extreme weather conditions. 

KVUE has reached out to ERCOT to learn more about how this will affect Austin area consumers. To read the full order, click here

WATCH: Austin resident has been without power for 27 hours amid the winter storm

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