Texas lieutenant governor urges governor to roll back storm power pricing By Reuters

Posted by

[ad_1]


© Reuters. FILE PHOTO: Winter weather caused electricity blackouts in Houston

(Reuters) – Texas Lieutenant Governor Dan Patrick on Thursday called for Governor Greg Abbott to use his emergency powers to roll back high storm power pricing that has roiled the state’s electricity industry.

Patrick, who presides over the state senate, has become the biggest proponent of reducing about $47 billion in power costs from a mid-February cold snap. He took his case to the governor after the state’s utilities regulator rejected price cuts and the house referred the matter to committee.

The deep freeze killed at least 56 people and left 4.3 million Texans without power or heat for days after half the state’s power plants went offline. The demand and lack of generation sent wholesale power costs up 400 times the usual amount. Four companies have filed for bankruptcy and dozens more are in danger of going out of business.

The governor can use emergency power to order a rollback of 32 hours of high pricing or request an investigation that will allow the changes to be considered further, Patrick said at a press conference. The state has just another day to reprice the charges or lose the ability under grid rules, he said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



[ad_2]

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *