“Wind and solar generators often are low bidders in the [ERCOT] market not because their capital, operational, or marginal costs are lower. Their bids reflects special tax subsidies that result in the ability to underprice relative to the competition.”

Renewable energy generators are driving other, more reliable sources of energy out of the Texas electricity market. The reason is straightforward. Renewable generators often undercut the prices of their competitors by selling electricity below their costs, and even their marginal costs, to gain market share.

In many ways, this behavior is similar to predatory pricing, one of the classic “anticompetitive” behaviors in antitrust theory. But unlike in free markets where predatory pricing is difficult and rare, government intervention has uniquely set up intermittent wind power to ruin the economics of reliable, conventional power.…