[link] ``Texas is one of the few US states to have an independent energy grid - so when the cold snap hit and power was in short supply, they were... Who's Online | Find Members | Private Messages
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God bless Capitalism - Texas residents hit with bills of $16000 for a few days use.

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7 days ago - Monday 2/22/21 - 2:46:11 PM EST (GMT-5)
https://www.bbc.com/news/world-us-c...

"Texas is one of the few US states to have an independent energy grid - so when the cold snap hit and power was in short supply, they were unable to receive support from neighbouring states.

As a result, the Public Utility Commission of Texas decided at an emergency meeting last Monday to raise the price of energy."
7 days ago - Monday 2/22/21 - 3:01:04 PM EST (GMT-5)
The Public Utility Commission of Texas is a state agency
7 days ago - Monday 2/22/21 - 3:44:16 PM EST (GMT-5)
is the state profiting from the price hikes or the private companies like Griddy?
7 days ago - Monday 2/22/21 - 3:51:22 PM EST (GMT-5)
I think the point was that the state had no involvement at all, including regulations...

Luckily the Fed Government is there to help clean up the mess.
7 days ago - Monday 2/22/21 - 3:53:19 PM EST (GMT-5)
he knows, he's just trying to justify through semantics.
7 days ago - Monday 2/22/21 - 5:34:54 PM EST (GMT-5)
"Griddy offers one of the most popular wholesale plans in the state. The company warned its customers of rising prices due to the storm and told them to switch to a different electricity provider"
7 days ago - Monday 2/22/21 - 5:59:27 PM EST (GMT-5)
"The Macquarie Energy-backed company charges electricity based on real-time prices in wholesale power markets, therefore exposing consumers to the full swings. Griddy saw the problem developing and even urged its retail customers last weekend to switch to another provider.

By Sunday, 20 per cent managed to do so. But not Astrein.
“We were stuck with Griddy and those astronomical prices,” he said by phone. “The failure in Texas as a whole to plan for this adequately is now a financial emergency for all of these customers on a program like Griddy.”
For Griddy, that business model meant it got only a very small cut of Astrein’s bill.
“I want to highlight that on the $2,738.66 total bill, Griddy only made $6.48,” Chief Executive Officer Michael Fallquist said in a text message. “We only make $9.99 per month, all other charges are a pass through.”"
7 days ago - Monday 2/22/21 - 5:59:41 PM EST (GMT-5)
7 days ago - Monday 2/22/21 - 6:10:03 PM EST (GMT-5)
"Wholesale electricity prices fluctuate based on demand. Because natural gas pipelines and wind turbines froze up in Texas, there was less power available, but high demand for electricity, causing wholesale prices to shoot up, said Joshua Rhodes, an energy research associate at the University of Texas.

Wholesale prices are typically as low as a couple of cents per kilowatt-hour but spiked to $9 per kilowatt-hour after the storm. Fixed rate customers pay a set amount that doesn’t rise as much. Typically, they pay around 12 cents per kilowatt-hour. But Rhodes said fixed rate customers could see their price rise by a few cents later this year as companies hit by the icy conditions look to recoup their costs — but their bills won’t be in the thousands."

https://apnews.com/article/texas-hi...

7 days ago - Monday 2/22/21 - 9:02:22 PM EST (GMT-5)
They make the weather, then they tell us that it's raining.
6 days ago - Tuesday 2/23/21 - 10:28:01 AM EST (GMT-5)
Typical Noldor posting half a quote.

"Griddy offers one of the most popular wholesale plans in the state. The company warned its customers of rising prices due to the storm and told them to switch to a different electricity provider - however there was not enough time for most people."
6 days ago - Tuesday 2/23/21 - 10:36:52 AM EST (GMT-5)
apologies to Noldor...typical CD.
6 days ago - Tuesday 2/23/21 - 11:15:52 AM EST (GMT-5)
Typical CD?

I'm trying to explain to you that Griddy isn't raising prices to make obscene profits. The prices people are paying are because of wholesale electricity pricing, not becaue of Griddy wanting to make profits.
6 days ago - Tuesday 2/23/21 - 11:17:06 AM EST (GMT-5)
I followed up the 'half a quote' with full quotes and paragraphs (along with links to the articles) explaining how the system works.

6 days ago - Tuesday 2/23/21 - 12:13:18 PM EST (GMT-5)
This really isn't a matter of Griddy 'price gouging' anyone, like you are claiming.

6 days ago - Tuesday 2/23/21 - 1:53:06 PM EST (GMT-5)
"Those sky-high bills come after the Public Utility Commission of Texas, which regulates Texas utility rates, held an emergency meeting with the state's electric-grid operator, the Electric Reliability Council of Texas (ERCOT), on Monday to raise energy prices in order to reflect supply constraints driven by heightened demand during the winter storm. "

https://www.forbes.com/sites/jonath...

Despite reports to the contrary, there is some level of regulation on the price of energy in Texas...
6 days ago - Tuesday 2/23/21 - 3:20:16 PM EST (GMT-5)
ERCOT made up of industry and non affiliated parties.

VP - Vanessa Anesetti-Parra - worked for energy companies her entire career.
Terry Bulger - banking background in risk and compliance.
Mark Carpenter - again worked in energy his entire career pretty much
Lori Cobos - worked for utility companies prior to her appointment.
Keith Emery - 25 year career in the business.

and it continues...of the active 12 board members all but 3 are still actively employed in the energy or utility business...where do their loyalties err to, their industry or the public. that's without moving onto their exec team who are *ding ding ding* all involved in the industry.

go drat yourself for defending these morons and their conflicts of interest.
6 days ago - Tuesday 2/23/21 - 8:28:32 PM EST (GMT-5)
ERCOT is the grid operator, not the regulator. Why are you so surprised that their leadership have been working for energy and utility companies?

6 days ago - Tuesday 2/23/21 - 8:29:28 PM EST (GMT-5)
Maybe they should get non-energy people to run the grid and see how that works out...
6 days ago - Tuesday 2/23/21 - 8:56:44 PM EST (GMT-5)
Like getting a philandering, failed, bankruptcy-filing businessman to run the government? I mean, you’d have to be crazy to do that!
6 days ago - Tuesday 2/23/21 - 9:05:18 PM EST (GMT-5)
Some of us were hoping to at least see it made into a reality show before his term was up...

Long time no see, Camelboy.

6 days ago - Tuesday 2/23/21 - 9:08:25 PM EST (GMT-5)
I’m more of a camelmiddleagedman now
5 days ago - Wednesday 2/24/21 - 10:19:43 AM EST (GMT-5)
On Tuesday 2/23/21 - 8:28:32 PM CowDung wrote:
ERCOT is the grid operator, not the regulator. Why are you so surprised that their leadership have been working for energy and utility companies?


keep justifying however you want slug. try reading a step below the headlines.

ERCOT and PUCT work hand in hand and you know it. Like I said I'm done, enjoy your little corner of the internet for being a daily c*nt.
5 days ago - Wednesday 2/24/21 - 11:52:21 AM EST (GMT-5)
It's not a matter of 'justifying' anything. It's getting the facts straight. You entered into this from a position of ignorance, falsely claiming that Griddy was price gouging their customers in order to maximize profits. Maybe it's you that needs to start reading a bit further than the headlines.
5 days ago - Wednesday 2/24/21 - 1:26:14 PM EST (GMT-5)
It's as you and Noldick are so fond of saying, a matter of supply and demand.

Griddy's role is that of a snake oil salesman or a tulip broker in old Amsterdam. They are there to get people contact to buy at any possible price and therefore guarantee a limitless ceiling on demand.

Their contracts allow the wholesale price to spiral because consumers are contractually obliged to pay it. It's a scam.

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