Three power markets.
Three different infrastructure realities.

Intelligence panel

ERCOT

Manages the grid for most of Texas as a largely self-contained interconnection, with limited synchronous ties to neighboring systems.

Market structurePublic Data

Energy-only market design; no centralized capacity market. Most of the system is not subject to FERC wholesale-rate jurisdiction; oversight sits with the PUCT.

TransmissionPublic Data

Planned through ERCOT and the PUCT; costs broadly socialized across ERCOT load. Major buildouts are under discussion for West Texas and Permian electrification.

Load growthPublic Data

Large-load requests — data centers, industrial electrification, oil-and-gas electrification — have driven sharp upward revisions in ERCOT's own long-term forecasts.

CongestionModeled Intelligence

Concentrated where West and South Texas generation must reach the eastern load centers; location-specific pricing makes congestion a site-level economic variable.

InterconnectionPublic Data

Generally faster generator interconnection than other organized markets; large-load interconnection is now subject to evolving study and policy requirements.

Resource adequacyPublic Data

Managed through price signals, reserve products and policy interventions rather than a capacity market. Winter and evening net-peak conditions are the focus.

Utility structurePublic Data

Competitive retail in much of the region alongside municipal utilities and cooperatives with different rules; the wires owner matters as much as the market.

Large-load pressureModeled Intelligence

High and geographically clustered — DFW, Austin–San Antonio and the Permian rank among the most contested pockets.

Development velocityModeled Intelligence

Fast relative to peers — and that speed can mean competing loads reach the same substation first.

Capital / timing riskModeled Intelligence

Shifting from 'can we connect' to 'when, at what upgrade cost, and under which curtailment conditions'.