February 4, 2005
All rights reserved to Shmuel Oren, UC Berkeley
PSERC
The Texas Ice Storm
2/25-27/2003
nERCOT had to procure 100% of the balancing offer stack during several hours nMarket clearing price was set by 1MW offered on a regular basis at $990 by a QSE that offered the rest of its balancing energy at $200/MW or less.
n$17 million changed hands in few hours
nOne REP declared bankruptcy.