In a post on Twitter, the PUC said they sought out the investigation in hopes to "adjust 'Provider of Last Resort (POLR)' rules to protect retail electricity consumers."
PRESS RELEASE: PUC launches investigation of grid event and adjusts "Provider of Last Resort" (POLR) rules to protect retail electricity consumers. Read more here: https://t.co/ZJMISpk4Sh pic.twitter.com/mXGRfZoQpT— PUC of Texas (@PUCTX) February 20, 2021
According to a news release, officials with the PUC held an emergency meeting on Friday to discuss the components that caused the power grid to fail, and to discuss solutions to the 'financial effects' that retail electricity customers now face.
"The immediate impact of this terrible weather was the loss of power for millions of Texas households and the financial aftershocks could be devastating," said Chairman DeAnn Walker. "We must act swiftly to discover not only how this crisis came together, but also take meaningful steps to protect electricity customers."
The commission also spoke about the decision to waive the deadlines of the POLR program which will allow other electricity providers to "volunteer" and accept new customers from other Retail Electric Providers (REPS) before deciding to leave the market.
The volunteer REPs are reportedly required to charge customers a competitive rate instead of the normal, increased POLR rate.
The deadline for customers to submit a transition request to another volunteer REP would be Wednesday, Feb. 24, 2021 in order for them to have ample time to register and prepare for the new customers.
Commissioners passed the plan along to their Executive Director to execute.
"This week's weather and associated grid crisis were a nightmare for millions of Texans," said PUC Executive Director Thomas Gleeson. "While the financial implications may drive some retail electric providers from the marketplace, we will work to ensure their customers can easily transition to a new provider. Customers transitioned to a volunteer provider should contact the new provider to ensure they are on a plan that suits their budget."
Video above is from previous post.