| Peter Lake | |
| Office1: | Chairman of the Public Utility Commission of Texas |
| Term Start1: | 2021 |
| Term End1: | 2023 |
| Predecessor1: | DeAnn Walker |
| Successor1: | Thomas J. Gleeson |
| Office2: | Chairman of the Texas Water Development Board |
| Term Start2: | 2018 |
| Term End2: | 2021 |
| Alma Mater: | University of Chicago Stanford Graduate School of Business |
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.
Originally from Tyler, Texas, Lake attended the University of Chicago and Stanford University. He earned a Bachelor of Arts in Public Policy from the University of Chicago and an MBA from Stanford's Graduate School of Business.
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. 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]
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]