Episode
Are power markets fit for purpose? The debate over reliability, affordability and who pays for the grid
- Podcast
- Energy Gang
- Published
- Sep 14, 2026
- Duration seconds
- 4807
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Summary
Electricity markets are under renewed pressure. Surging demand forecasts from data centres and other large loads are colliding with anxiety over reliability, rising consumer bills, and the pace of new investment. In markets such as PJM and ERCOT, those tensions are turning an arcane debate about market design into a live political question: can competitive power markets still deliver affordable, reliable electricity in a period of rapid growth? Host Ed Crooks and regular contributor Amy Myers Jaffe are joined by Stacey Doré, Chief Strategy and Sustainability Officer and Executive Vice President for Public Affairs at Vistra, one of the largest competitive power producers and retailers in the US. Drawing on Vistra’s growth from Texas utility successor to multi-state owner of gas, nuclear, coal, solar and battery assets, Stacey makes the case for competitive markets as the best way to drive efficient investment, innovation and customer value. The discussion starts with a challenge to the dominant narrative around load growth. Stacey argues that some of the most eye-catching forecasts for new demand are overstated by speculative projects and duplicative queue requests, and that the grid already has enough existing generation to serve most near-term growth for the vast majority of hours in the year. In her view, the real bottleneck is not an absolute lack of power, but the failure to connect new load to the grid quickly enough, alongside delays in transmission, distribution and interconnection processes. Are competitive markets sending the right signals to build what is needed next? Stacey says yes, pointing to rising capacity and energy prices in PJM, bilateral contracts with large customers, and a wave of announced investment in new and upgraded generation. She argues tha…