Peter Lake

Peter Lake
Chairman of the Public Utility Commission of Texas
In office 2021–2023
Preceded by	DeAnn Walker
Succeeded by	Thomas J. Gleeson
Chairman of the Texas Water Development Board
In office 2018–2021
Personal details
Alma mater	University of Chicago Stanford Graduate School of Business
Website	www.linkedin.com/in/petermlake

Peter Lake is an American businessman who served as chairman of the Public Utility Commission of Texas from 2021 to 2023, and as chairman of the Texas Water Development Board from 2018 to 2021.

Early life and education

Originally from Tyler, Texas, Lake attended the University of Chicago and Stanford University.^[1] He earned a Bachelor of Arts in Public Policy from the University of Chicago and an MBA from Stanford's Graduate School of Business.^[2]

Career

Early career

Lake began his career in the financial sector, working as a trader on the Chicago Board of Trade and the Chicago Mercantile Exchange as well as director of research at Gambit Trading.^[2] He also worked a number of private sector jobs which included director of business development at Lake Ronel Oil Co.,^[1] and special projects director for private investment firm VantageCap Partners.^[2]

Public service

Lake served on the Texas Water Development Board beginning in December 2015, before becoming chairman of the board in 2018.^[2] While on the board, he oversaw the implementation of a Senate Bill that established Texas' first flood infrastructure fund and statewide planning following Hurricane Harvey.^[3] It also financed billions of dollars in water infrastructure projects through the State Water Implementation Fund for Texas program and State Revolving Funds. This included the construction of the Lower Bois d'Arc Creek Reservoir which was the first reservoir to be built in Texas in 30 years.^[4]

In April 2021, Governor Greg Abbott appointed Lake as chairman of the Public Utility Commission of Texas, following the resignation of DeAnn Walker from the position. The appointment came in the aftermath of the 2021 Texas power crisis.^[5][6]

As PUC chairman, Lake was tasked with rebuilding stakeholder trust and increasing transparency. He initiated several public work sessions to drive grid reforms and oversaw the creation of the agency's Office of Public Engagement. He also worked closely with the Texas Legislature to implement changes, playing a key role in executing Senate Bill 3, which overhauled the state's power grid.^[7]

Lake implemented several significant reforms, including new winterization requirements for power plants and fuel sources,^[8] and oversaw changes to the grid operations of the Electric Reliability Council of Texas (ERCOT) to increase reliability.^[9] He also led the development of the "performance credit mechanism," a first-of-its-kind proposal designed to incentivize power generators to be available during peak periods.^[10] He also "pushed through a market change proposal designed to create an additional way for gas-fueled power plant generators to make money, hoping to spur construction of more power plants".^[11]

During Lake's tenure, the state experienced no system-wide blackouts despite facing periods of record-breaking electricity demand. Lake resigned from the position in June 2023 but remained on the board as a commissioner through the following month.^[12]

References

1. Wolf, Marin (7 November 2021). "Texas faces 'generational' energy problems that it doesn't know how to fix". Dallas News. Archived from the original on 7 November 2021.
2. Carballo, Rebecca. "Abbott appoints chairman of Public Utility Commission". Houston Chronicle. Archived from the original on 12 April 2021.
3. Anchondo, Carlos (27 May 2019). "Legislation with $1.7 billion for flood control and mitigation projects goes to governor". The Texas Tribune.
4. "Texas Water Development Board approves $500 million for North Texas reservoir". Fort Worth Business Press. 15 February 2018.
5. Mulcahy, Shawn (12 April 2021). "Gov. Greg Abbott nominates new chair to Public Utility Commission after power crisis resignations". The Texas Tribune.
6. Douglas, Erin (2 June 2023). "Abbott appointee resigns as chair of power grid regulator". The Texas Tribune.
7. Lieber, Dave (23 September 2022). "The PUC, one of Texas' most maligned agencies, creates a new Office of Public Engagement". The Dallas Morning News.
8. Douglas, Erin (21 October 2021). "Power companies required to better prepare plants for winter in first phase of rule approved by Texas regulators". The Texas Tribune.
9. "Texas PUC Chair Lake: 'The Lights Will Stay On'". RTO Insider. 9 December 2021.
10. Foxhall, Emily (20 January 2023). "State regulators approve controversial Texas electricity market reform". The Texas Tribune.
11. Emily Foxhall, "Power grid vulnerable as winter nears", El Paso Times (December 4, 2023), p. A5.
12. "Public Utility Commission of Texas Chairman Peter Lake resigns". Reuters. June 2, 2023.