Texas grid operator made $16bil price error during winter storm, watchdog says

On Wednesday, ERCOT's board ousted chief executive Bill Magness, (pic) as the fallout continued from a blackout that left residents without heat, power or water for days.

Power grid operator Electric Reliability Council of Texas (ERCOT) made a $16 billion pricing error in the week of the winter storm that led to power outages across Texas, Potomac Economics, which monitors the state's power market, said.

ERCOT kept market prices for power too high for more than a day after widespread outages ended late on Feb. 17, Potomac Economics, the independent market monitor for the Public Utility Commission of Texas, which oversees ERCOT, said in a filing.