Ercot ‘small fish' rule criticised amid CFTC probe

Manipulation worries spur debate over Texas power market rules

Small fish - big trouble

Residents of Texas often boast that it does things differently than other parts of the US. After all, the state was an independent republic for about 10 years in the 19th century and its official tourism website features the slogan, ‘Texas: it's like a whole other country'.

Something similar could be said about the Texas power market. Run by the Electric Reliability Council of Texas (Ercot), it stands out from other US wholesale electricity markets because of its peculiar design, which reflects