Texas regulator warns lawmakers against rollback in storm power prices

[Yo_Mama_Been_Loggin]

(Reuters) - The head of Texas's power regulator told lawmakers on Thursday that any effort to retroactively reduce the power prices levied during a recent storm would lead to lawsuits that the state could lose.

The state's power grid operator raised power prices sharply during a February freeze that pushed two power companies into bankruptcy. Others have warned of potential bankruptcies. Top officials this week called on the Public Utility Commission (PUC) of Texas to immediately reduce about $16 billion in power prices.

Any repricing would trigger lawsuits that the commission would lose, PUC Chairman Arthur D'Andrea bluntly told lawmakers at a hearing in Austin. Commodity contracts used to hedge power have closed and any repricing "will have consequences" for the state's power, agriculture and other markets, he said.

"If I do it, I get sued and lose right away," he told a state committee. The legislature could attempt to change the pricing by passing a bill, but it also would face lawsuits and could lose, he added.

https://www.yahoo.com/news/texas-regulator-warns-lawmakers-against-150230882.html

[marble falls]

1. Since when do regulators scare Texans?

[TwilightZone]

2. When lawsuits are involved.

They like to file them. They don't like to defend them.

[marble falls]

3. More lawyers here in Texas than you could shake a stick at. Lawyers is part of the deal.

[TwilightZone]

4. Sure, when they're on their side.

Everyone likes to sue, particularly Abbott, Paxton, et all. No one likes to get sued.

[Dustlawyer]

5. We will sue them without compunction!

While the price of electricity rose immediately, it took two days to fall after power generation was restored. That $16 billon over-charge is why they don’t want to go back.

Spoke with a colleague yesterday who told me he represents one of Ken Paxton’s whistleblower’s. I told him I would help for free! The attorney is VERY GOOD at what he does. I cannot wait!

I will be representing Texans who suffered personal injuries and/or property damage caused by these greedy, amoral bastards. A lot of major plaintiff firms here are involved so hopefully we will be able to hold them responsible and get needed regulations in place to protect us from this happening again.

I had two busted pipes myself and count myself lucky! I think of people, who like my father, were home bound tethered to an oxygen concentrator when the power went out. These politicians play games with people’s lives for personal advancement. COVID has made clear to most Americans that they are willing for people to die to keep their seats in office. Had Trump been pro mask we would have hundreds of thousands still alive today.