Reuters reveals Texas power regulator, under pressure to roll back storm prices, huddles with Wall Street

Reuters broke the news that the chairman of the Public Utility Commission of Texas huddled with Bank of America utility analysts as pressure mounted on him to reverse about $16 billion in emergency power pricing that would hurt power plant operators. The state’s power grid operator raised power prices sharply during a February freeze to induce more power during a blackout. However, prices were left at about 450 times their usual level long after the emergency passed, moves that benefited traders and generators.