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In the February 2013 outlook piece, hirs & macavoy assail ercot's operational strategy on two specific...

In the February 2013 outlook piece, hirs & macavoy assail ercot's operational strategy on two specific point. what are those points? explain-and let me know if you agree or disagree

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Answer #1

The two economists Hirs and Macavoy criticised openly about following two strategies of ERCOT model:

  1. ERCOT fails in implementing Soviet era programming tool because it is collective of members and it doesn't independently make any direct capital investment to keep power grid distribution at most efficient level of operation.
  2. Secondly ERCOT doesn't have any enforcement authority for generating plants.

The above model drastically fails because the linear programming model was constructed by Physicist and not a Economist, secondly it has not been tested across all markets and different use cases which resulted in its failure.

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