Texas electric power suppliers provide consumers with what normally would be pretty cost efficient and reliable variable rate electricity plans.
But with extraordinary weather conditions came power outages, water shortages, and freezing temperatures Texas’ independent and deregulated power grid was simply not equipped to withstand. Then things got MUCH worse.
In the midst of the weather crisis, the Electric Reliability Council of Texas (ERCOT) was ordered by the Public Utility Commission to increase the price of electricity to what some consider a predatory $9,000 per megawatt!
That’s how consumers were swindled for trusting a private body to protect their economic best interests. Unbelievable!
As more consumers discovered they’d been charged THOUSANDS of dollars for brief attempts to survive freezing temperatures, billion-dollar class action lawsuits were filed to challenge the legality of the council and commissions actions.
Others have canceled credit cards or dipped into savings to keep from going into high interest debt over the matter.
What’s clear from this fiasco is that when the infrastructure is built with profit in mind, instead of public good, it will fail us during a crisis. We should fight for just practices, not just roll over and take whatever greedy corporations hand us!