"we've officially hit the 'Holy Fucking Shit Levels' here..."

As he shows in the tables below, the Day Ahead clear for energy has basically gone offer-less...

$7,413 for North Hub (the most liquid hub).

Ancillary Services, specifically Responsive Reserves which ercot issued an operational notice stating they needed more offers, does not have the same $9,000 cap level. It cleared a comical eleventy gabillion; actually a cheap $11,950.....PER MEGAWATT.

Do the simple math on that.

If you are a retailer, obligated to, lets just say, 25MW, and did not hedge (meaning you left it to get filled by ERCOT at market clearing price), you just incurred a $7.1M cost on an around the clock basis for a single day.

If I was a betting man, I'd say folks are going to go out of business and we'll see more consolidation in this market, prior to a massive overhaul of market structure.

How long before Washington steps in with a probe of the power markets? A bailout for grid operators and perhaps some relief for actual residents who - we are desperately sad to say - may just freeze to death amid this 'perfect storm' of freezing temps and no supply of power to provide heat.

Wholesale power for delivery Sunday was trading at anywhere from $3,000 to $7,000 a megawatt-hour in some places, triple the records set in some places Saturday and a staggering 2,672% increase from Friday at Texas's West hub. Average spot power prices were just shy of $1,000 per megawatt hour during peak hours Sunday morning, according to data compiled by Bloomberg.