The Electric Reliability Council of Texas (ERCOT) serves as an independent system operator, managing the flow of electrical power to 24 million customers in the state of Texas, representing approximately 90 percent of Texas’ electrical load. ERCOT operates a competitive wholesale electricity market, ensuring reliability over more than 46,000 miles of transmission lines, for approximately 550 generating units and for its customers in Texas. Operating as an energy-only market with real-time, day-ahead, and ancillary service markets, ERCOT also performs financial settlement for the competitive wholesale bulk-power market and administers retail switching for 7 million premises in competitive choice areas. Governed by a sixteen member board of directors, subject to oversight from the Public Utility Commission of Texas and the Texas legislator, its members include consumers, cooperatives, generators, power marketers, retail electric providers, investor-owned electric utilities (transmission and distribution providers) and municipal-owned electric utilities.