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Extractive capitalism tries to squeeze blood from stones. May it fail miserably so we can get on with solutions.
ERCOT triggered the squeeze when it pushed up spot-market rates to $9,000 per megawatt hour (mwh) over more than four days and levied huge fees for services. The service fees were 500 times the usual rate --reuters
@Whovian10 laughing. Like (bad) programming setting '99999' as a dummy value to test.
Well, bankruptcies will follow.
@b4cks4w Apparently, per another long explanatory ERCOT article, until the payout hits that $9000 point, the computers at the independent regulators don't recognize they need to kick production in gear and there was no backup to do it manually, so of course they had to actually max those rates to make their system work. 🧐 It was a very poor justification, given the advance notice and years of history and alleged preparation.