Texas electricity bailout means a child not yet born could pay for February’s disaster as an adult
State lawmakers are looking at adding a monthly charge on your electricity bill that could last for decades. How much? Who knows?
By Dave Lieber, The Watchdog May 21, 2021
Ha, ha! You got punked by Texas state government!
You thought the electricity establishment would take some responsibility for billion-dollar debts incurred by February’s killer storm freezeout. You hoped state leaders would protect consumers from the grave mistakes made by others.
Think again. You’re the dupe. How does it feel?
You stand to get hit with a new fee on your monthly electric bill, but state lawmakers aren’t exactly running front and center with the news.
How much will you pay each month and for how long?
Nobody is saying. So The Watchdog here offers you a best guess and worst-case scenario: You’ll pay a few dollars a month extra on your electric bill for a decade, or maybe two or even three decades, all the way to 2051. It’s quite possible. Think about this. People not even born yet could be paying for the 2021 disaster when they become young adults.
The hypocrisy and failures of our state leaders are an abomination. From the (p)UC that doesn’t protect the public, to the bozos at ERCOT, our electricity grid operators, who inadvertently, according to The Wall Street Journal, paid natural gas companies to go offline during the crisis.
“ERCOT ordered them [gas companies] to stay off for more than four days, as gas prices surged to extraordinary levels and some power plants stopped producing electricity because they couldn’t get enough fuel to function,” The Journal reported.
Don’t blame the weather. Blame cloudy-headed officials who are supposed to protect us. This was all operator error.
The financial cure for this is hidden behind an economic term.
It’s a fancy way to say the state is going to supervise the borrowing of billions of dollars in bonds to bail out the power generators, utilities and others who face bills big enough to drive them into bankruptcy.
Oh, do I hear you saying you’d like a little help paying your electric bill, too? Sorry, this is a one-way pipeline.