The Great Texas Blackout Revisited: Market Failure Not
Ed. Note: Five years ago, Storm Uri caused Texas’s centrally planned wholesale electricity market (ERCOT) to buckle, vindicating warnings about the state’s wind/solar reliance. The mainstream media implicated natural gas instead, failing to explore the why behind the why. Rather than deregulation, Texas post-Uri has chosen to add wind, solar, and batteries, while subsidizing natural gas plants to counter intermittency. This duplicated grid is now driving rates up in a state that could have relied on surplus natural gas instead.
It was not so much the story of freak weather triggering a market failure writ large. It was a classic application of the political economy of government intervention: the seen and the unseen, expert/regulatory failure, and unintended consequences. Don Lavoie, a preeminent thinker in the field of market-versus-government planning, once warned:
If the guiding agency is less knowledgeable than the system it is trying to guide—and even worse, if its actions necessarily result in further undesired consequences in the working of that system—then what is going on is not planning at all but, rather, blind interference by some agents with the plans of others.”
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The post The Great Texas Blackout Revisited: Market Failure Not appeared first on Master Resource.
Source: https://www.masterresource.org/texas-blackout-2021/the-great-texas-blackout-revisited-market-failure-not/
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