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Mon Mar 1, 2021, 08:20 PM

Texas power crisis deepens as more companies skip payments due to grid operato

Source: Reuters

ENERGY & ENVIRONMENT MARCH 1, 2021 6:08 PM UPDATED 31 MINUTES AGO

By Gary McWilliams 3 MIN READ

HOUSTON (Reuters) - Texas energy companies failed to pay another $345 million for electricity and other services incurred during last month’s cold snap, the operator of the state’s grid said on Monday.

The state’s deregulated electricity market was thrown into turmoil last month as 48% of its generating plants went offline, fueling up to $9,000 per megawatt hour (mwh) spot rates and $25,000 per mwh service fees. Those charges drove one provider into bankruptcy on Monday.

In all, electricity prices on the state’s wholesale market soared by $47 billion for the about five-day period when cold weather drove up demand and generating plants failed, estimated Carrie Bivens, a vice president at Potomac Economics, which monitors the Texas power market.

Reporting by Gary McWilliams; Editing by Rosalba O’Brien and Stephen Coates



Read more: https://www.reuters.com/article/us-usa-texas-grid-finances/texas-power-crisis-deepens-as-more-companies-skip-payments-due-to-grid-operator-idUSKCN2AT3TD?il=0



So when these "deregulated" greedy jerks file for bankruptcy do the people from other states have to bail them out..........
Abbott is watching the situation............he helped cause it............hope the taxpayers are prepared for this.......

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Response to turbinetree (Original post)

Mon Mar 1, 2021, 08:27 PM

1. "Deregulation" and "Privatization" are such great ideas, aren't they?

We're gonna have to raise taxes on the rich just to pay for these two great ideas.

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Response to rickyhall (Reply #1)

Mon Mar 1, 2021, 09:30 PM

2. Exactly....................

It like if you cut and gut and take that cut and gut and give it people that think they are entitled to that cut and gut , and then when this happens this really should come out of there pockets they got the cut and gut and knew that this could happen..........

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Response to rickyhall (Reply #1)

Tue Mar 2, 2021, 01:25 AM

8. Enron showed them the way!

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Response to turbinetree (Original post)

Mon Mar 1, 2021, 09:34 PM

3. So when these "deregulated" greedy jerks file for bankruptcy do the people from other states have to

bail them out? I hope not. They separated themselves from everyone else. Let them dig themselves out of the hole they created.

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Response to turbinetree (Original post)

Mon Mar 1, 2021, 09:37 PM

4. And, who pays the price for this unbridled greed?

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Response to BarbD (Reply #4)

Mon Mar 1, 2021, 09:43 PM

5. The public is going to find out very shortly, in Texas as well along the country in some form

or another...........

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Response to turbinetree (Original post)

Mon Mar 1, 2021, 09:54 PM

6. No. Texas taxpayers will foot the bill.

You can count on that.

-Laelth

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Response to Laelth (Reply #6)

Tue Mar 2, 2021, 12:03 AM

7. Taxpayers will definitely foot the bill. FDR described it best, Socialism for the Rich

And Capitalism for the Poor. Capitalism is supposed to let the companies fail. They can die w/o people dying. People, when they fail, need a social safety net. So that we can, at least, call ourselves humans and not be cruel killers of our brethren.

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Response to turbinetree (Original post)

Tue Mar 2, 2021, 01:41 AM

9. I hope they get this straightened out by summer. Eeeek.

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Response to turbinetree (Original post)

Tue Mar 2, 2021, 02:14 AM

10. Compassion

After four years of a shit storm I'm out of compassion---fuck Texans!!!

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Response to turbinetree (Original post)

Tue Mar 2, 2021, 09:06 AM

11. Hilarious the companies that fought for deregulation are screwed by it.

These companies are in the cabal to keep Texas power isolated from the grid and have paths to price gouging. These are the companies that gleefully took part in price gouging their customers and each other. And there they are crying foul about outrageous prices like everybody else.

Fuck these guys, they made this hell-scape, they have to live in it.

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Response to turbinetree (Original post)

Tue Mar 2, 2021, 10:17 AM

12. Hmmmmm...I thought the Texas Repukes voted to secede not too long ago...

Funny how you don't hear much about that lately....

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Response to turbinetree (Original post)

Tue Mar 2, 2021, 02:02 PM

13. I'm okay with a bailout.

As long as it comes from Texas' state coffers. The rest of us should not have to pay because these fucks couldn't play nice with literally every other state in the union.

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