As the sun shone on a banner day of near-perfect sunny, mild and breezy weather across the state, wind and solar produced electricity at an unprecedented rate.At its peak, renewable energy produced nearly three-quarters of Texas electricity that day — setting a record that pushed the real-time price of energy to $0 for five hours as nuclear and fossil fuel plants offered lower and lower prices to stay competitive and keep from making the costlier decision to shut their operations down.
The current record was set on Feb. 19, when solar generated 17,200 megawatts, a 50% increase in one year, according to the market tracking website. In four years, solar production under ideal conditions has jumped from providing enough electricity to power half a million homes to enough electricity for 3.4 million homes.
Together they have earmarked billions in taxpayer dollars and are revamping the state’s energy market to encourage construction of more gas power plants. Lt. Gov. Dan Patrick and investment giant BlackRock rolled out the red carpet for natural gas power producers earlier this year in a daylong summit in Houston to pitch the Texas Energy Fund. Attendees who spoke todescribed being warmly received, and at a Feb. 15 meeting of the Public Utility Commission, Commissioner Jimmy Glotfelty said interest in the fund appeared high.
The Public Utility Commission is also in the process of overhauling the ERCOT market. The regulatory board in late 2022 approved a plan to create a separate energy market allowing power producers to bid for performance credits under the promise that they would provide electricity when called upon if demand rises.Though regulators have said they are “agnostic” on what kinds of power plants can participate, the design favors natural gas-fueled facilities.