How could such a large and fiercely independent state like Texas end up with no power and skyrocketing energy bills during one of the worst weather events in the century? Ray Giuliani’s book outlines exactly how the politics of ERCOT was able to leave Texans, quite literally, out in the cold and exposed to financial disaster.
In the winter storm of 2021, why was energy-rich Texas sitting in the cold, in the dark, and without water while deregulated energy prices went through the roof? Many were perplexed. Everyone was angry. ERCOT was suddenly in the spotlight. What is ERCOT? What does it do? What doesn’t it do? How could it drop the ball on such a critical responsibility?
As a self-governing, quasi-government entity, ERCOT strives to deliver results and processes for the benefit of the “greater good.” So, what goes wrong? Why is it so hard to achieve? What keeps getting in the way?
Drawing from the days of deregulation in Texas, Ray Giuliani recounts the events, players, and context that witnessed a self-governance entity adopting rules focused on the self-interests of those responsible for their governance. It was no surprise that such self-governance of ERCOT was capable of facilitating devastating outcomes.
Though the storm is over, this story is still unfolding as the eyes of the nation watch Texas to see what happens next.
Raymond Giuliani, former Chief of Market Operations at ERCOT, has pulled back the curtain on the inner workings of ERCOT in his new book, The Stakeholders’ Golden Rule, available now at Barnes & Noble, Amazon, and Books A Million.