Lezioni dalla crisi texana

The polar vortex that hit Texas last February highlighted many failures in the electricity markets regulation: scarce security of gas supplies; huge errors in the risk scenario forecasting; complicated intertwining of wholesale pricing rules which caused a very expensive mess with unavoidable negative consequences on many operators in the wholesale and retail markets, as well as on their customers. Failures that this article puts under the lens to draw five lessons and raise some questions that remain unresolved. Lawmakers and regulators are now studying measures to mitigate these negative consequences to adjust the system before the next critical event