Texas Residents Are Being Billed Up To $16,000 For ONE DAY of Electricity and Power Companies Are Going Under by Robert Wheeler for The Organic Prepper
The Texas power grid is failing and failing fast. I’m not just talking about failing under extreme weather conditions but under the market and governmental regulatory requirements.
In the wake of freezing weather that swept across the Lone Star state, millions of Texans found themselves without power for days on end. That power outage then saw bursting pipes lead to a water crisis never before seen in the state’s modern history.
You want me to pay HOW much for what little power I have?
As the power went out for many Texans, others found themselves with wildly unrealistic bills for the power they did have. In Texas, customers can select how they want to pay for their electric bill – by locking their rate or selecting a variable rate based upon the price of power in the wholesale market. The argument is that customers with a variable rate can shift their power usage when prices are high by turning up the AC unit’s temperature when it’s warm or by doing things like drying clothes when prices are lower.
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When the power went out for millions of Texans, those who selected the variable-rate found themselves paying much more for an allegedly scarce commodity.
As a result, some customers are reporting bills as high as $16,000 for one day of power.
“My power company told me to switch to a different company!”
Many of the affected customers belonged to Griddy, a company that advised them they would be better off switching to a new company. Now, there is a shockwave of electricity providers going bankrupt as their own ability to pay bills to ERCOT (Texas’ state grid operator) has disappeared in the wake of the storms.
Court documents have already shown that Brazos Electric Power Cooperative (the largest generation and transmission co-op in the state) filed for Chapter 11 Bankruptcy. The company says it cannot pay the $1.8 billion bill it owes to ERCOT.
Entrust Energy Inc. is now the second seller of electricity to be “barred from Texas’s power market for failing to make payments,” according to Bloomberg. Entrust has been unable to pay $234 million to generators and others.
Griddy, mentioned above, is short $24 million. Griddy has since “Powered Down” as this message to members was displayed on the homepage of their website:
