The Stakeholders' Golden Rule

In the winter storm of 2021, why was energy-rich Texas sitting in the cold, in the dark, and without water? Many were perplexed. Everyone was angry. ERCOT was suddenly in the spotlight. What is ERCOT? What does it do? What doesn't it do? How could it drop the ball on such a critical responsibility?

As a self-governing, quasi-government entity, ERCOT strives to deliver results and processes for the benefit of the "greater good." So what goes wrong? Why is it so hard to achieve? What keeps getting in the way?

Drawing from the days of deregulation in Texas, Ray Giuliani recounts the events, players, and context that witnessed a self-governance entity adopting rules focused on the self-interests of those responsible for their governance. It was no surprise that such self-governance of ERCOT was capable of facilitating devastating outcomes.