The Public Utility Commission of Texas has been exploring changes to price formation in ERCOT’s market. What would the impacts to customers be for the proposed changes that include real time co-optimization of energy and ancillary services, marginal losses, and locational reserves? What advantages could ERCOT’s unique “energy only” market, with an Operating Reserves Demand Curve for resource adequacy, bring for customers? Will alignment with other successful market features pave the way for new opportunities?