Texas power regulator rejects request to cut $16 billion in charges during freeze

[Yo_Mama_Been_Loggin]

HOUSTON (Reuters) - Texas' state power regulator on Friday unanimously vetoed a request to cut about $16 billion from state power charges during the final day of the state's February cold snap, saying even a partial repricing could have unintended effects.

The Public Utility Commission deferred voting on a separate proposal to slice service fees that would have saved retail electric providers about $1.5 billion for power never provided. Both proposals were recommended by the state's independent power market adviser.

Total electricity charges jumped by about $47 billion during a winter storm that knocked out nearly half of Texas power plants, hiking prices for gas and power that have roiled the state's energy sector. Storm-related costs sent one company into bankruptcy and a dozen more face being unplugged from the state's grid for non-payment.

"The PUC choose to ignore the recommendation of the economists hired by the state to advise regulators," Brandon Young, chief executive of Payless Power, an electricity marketer, said in an interview. "As a result, $16 billion in costs are being passed to all electric providers -retail electric, municipal providers and cooperatives."

https://finance.yahoo.com/news/texas-power-regulator-rejects-request-232315566.html

FREEDUMB!!!!!!! - Ted Cruz.

[Thekaspervote]

1. Price gouging brought to by cruz, abbott and the extra fine qgop

[lapfog_1]

2. some fun with math

"Total electricity charges jumped by about $47 billion during a winter storm"

Texas population is about 29,000,000

if the charges for providing "market rate" electricity were spread evenly over the entire population of Texas, every family of four would owe $6,482.

YeeeeeHaaaaaw!

I am so glad I live in a much more "socialist" state.

[SWBTATTReg]

3. So in effect, they are rewarding incompetent behavior that allowed so many plants to shut down,

during a period of high demand, yet still command a ridiculously high price for power? This is backwards, you are supposed to reward those that actually deliver the power, kept their plants open during a high demand period, and penalize those that didn't. Some more heads need to roll over at these orgs. Obviously too many people are in bed w/ the wrong people (but not the consumers of TX)!

[LetMyPeopleVote]

4. Assholes

[LeftInTX]

7. Someone got rich off of this

[Generic Other]

5. How do ordinary Texans feel about this crap?

Seems like they'd be more inclined to vote the bastids out who helped create this situation.

[roamer65]

6. Time for a BIG class action lawsuit against ERCOT.

Sue it out of existence.