Storm Uri drew law firms into fight to help prevent future bill shocks and failures in Texas
Regulators then allowed wholesale prices to rise to $9,000 per megawatt hour for several days — more than 300 times the typical price at that time of year.
A study conducted by London Economics International in June 2021 found that prices would have been just“If our clients didn’t pay these gigantic bills, they would be in default and barred from the markets,” Vince says. So Drefke and his team developed a flexible law that would accommodate the needs of all 76 clients. He says it gives them “flexibility to approach the market in a way that took advantage of the benefits of securitisations but did not mandate doing so if a co-operative felt that other financing options were best for its members”.
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