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Fri Feb 19, 2021, 05:43 PM

Texas electricity "free market": $10,000 for one month for a 3 bedroom home

https://www.nbcnews.com/business/business-news/deep-freeze-subsides-texans-now-face-electricity-bills-10-000-n1258362

Royce Pierce and his wife, Danielle, who live in Willow Park, west of Dallas, have been watching their electricity bill tick up by nearly $10,000 in the last few days for their three-bedroom home. While the family told NBC News they consider themselves lucky because they’ve had power, the financial burden has come with additional challenges.

Since the family is on a variable rate plan with Griddy, the company automatically debits the bill as they use electricity. Danielle said she closed the debit card connected to their electricity bill because Griddy wiped it out. The family has been using separate accounts and credit cards to pay for necessities as the storm goes on.

“We are hoping there will be relief,” Royce said. “This is something maybe we can skate by and tackle as time goes on but how many people can’t? A lot.”

16 replies, 1662 views

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Arrow 16 replies Author Time Post
Reply Texas electricity "free market": $10,000 for one month for a 3 bedroom home (Original post)
steve2470 Feb 19 OP
WestLosAngelesGal Feb 19 #1
jimfields33 Feb 19 #16
AllaN01Bear Feb 19 #2
Make7 Feb 19 #3
DBoon Feb 19 #6
Make7 Feb 19 #15
Cirque du So-What Feb 19 #8
ffr Feb 19 #4
edhopper Feb 19 #5
roamer65 Feb 19 #7
sarcasmo Feb 19 #10
roamer65 Feb 19 #11
sarcasmo Feb 19 #12
roamer65 Feb 19 #13
jpak Feb 19 #9
Liberal In Texas Feb 19 #14

Response to steve2470 (Original post)

Fri Feb 19, 2021, 05:45 PM

1. Those rates should be illegal!

I would be flipping out!

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Response to WestLosAngelesGal (Reply #1)

Fri Feb 19, 2021, 08:16 PM

16. That's why I never chose variable rate.

You always want fixed rate. The couple were getting a low rate for awhile but then the rate change. Same thing can easily happen to a mortgage. The couple took a risk but it didn’t work out.

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Response to steve2470 (Original post)

Fri Feb 19, 2021, 05:47 PM

2. free market my tush.

price gouging all the way.

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Response to steve2470 (Original post)

Fri Feb 19, 2021, 05:47 PM

3. The invisible hand of the free market is the most efficient way to set fair prices. ( n/t )

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Response to Make7 (Reply #3)

Fri Feb 19, 2021, 06:14 PM

6. you may end up strangled by the invisible hand, though

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Response to DBoon (Reply #6)

Fri Feb 19, 2021, 07:03 PM

15. Perhaps. If that's the case, it must have a good reason.

Like protecting corporate profits.

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Response to Make7 (Reply #3)

Fri Feb 19, 2021, 06:27 PM

8. ...

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Response to steve2470 (Original post)

Fri Feb 19, 2021, 06:05 PM

4. From California

How do you like me now, Texas!

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Response to steve2470 (Original post)

Fri Feb 19, 2021, 06:07 PM

5. Depending on how wide spread this is

if the GOP government doesn't do something about this, it could end them.

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Response to steve2470 (Original post)

Fri Feb 19, 2021, 06:16 PM

7. A lot are going to pack up and leave.

Just like Katrina.

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Response to roamer65 (Reply #7)

Fri Feb 19, 2021, 06:31 PM

10. Climate migration continues.

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Response to sarcasmo (Reply #10)

Fri Feb 19, 2021, 06:34 PM

11. I think we are about 5 years away from population growth again, sarcasmo.

Moderating climate, tons of fresh water and we keep shit running here in Michigan.

The keep shit running is gonna become pretty damn important for a lot of people.

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Response to roamer65 (Reply #11)

Fri Feb 19, 2021, 06:38 PM

12. Grew up in Michigan and living in Wisconsin. Alliant Energy keeps the power on

with three weeks straight of sub zero temps. I'm staying in Wisconsin.

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Response to sarcasmo (Reply #12)

Fri Feb 19, 2021, 06:42 PM

13. DTE Energy kept us on as well.

We store nat gas for the Wisconsin utilities here in Michigan. I didn’t know this before the crisis, but we have the most underground nat gas storage of anywhere in the US.

I can see migration to WI coming as well.

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Response to steve2470 (Original post)

Fri Feb 19, 2021, 06:29 PM

9. "We're hoping for relief "

Good luck with that socialist weakling snowflake hope in Abbot/Cruz world.

Bootstraps!

Yup



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Response to steve2470 (Original post)

Fri Feb 19, 2021, 06:57 PM

14. Well, this isn't like everybody is getting bills like this. It's like variable rate mortgages.

Anybody with half a brain would never sign up for this Griddy company.

Griddy's prices are controlled by the market, and are therefore vulnerable to sudden swings in demand. With the extreme weather, energy usage has soared, pushing up wholesale power prices to more than $9,000 per megawatt hour — compared to the seasonal average of $50 per megawatt hour.

It seems cheap when there is abundant production and the rates are low, but when something like this happens, boy howdy.

This type of marketing should be illegal, but try and get a repub to regulate anything is like trying to keep Cruz from going to Mexico when it snows.

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