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Drudge Retort: The Other Side of the News
Wednesday, March 17, 2021

While many Texans last week were worried about sky-high electric bills from February's winter storms, the state's sole utility commissioner was privately reassuring out-of-state investors who profited from the crisis that he was working to keep their windfall safe.

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OK, the guy's been fired, but it appears that what he promised, that the Wall Street bankers are going to be able to keep the profit they got off the backs of the people of Texas who lived through the recent winter storm and resulting blackouts, is still going to be what happens. Unless Abbott actually reverses course, this firing is just window dressing since nothing will change.

OCU

#1 | Posted by OCUser at 2021-03-17 04:02 PM | Reply

It's perfectly OK for an R to screw the taxpayers. They're just not supposed to talk about it.

"As they say around the Texas Legislature, if you can't drink their whiskey, screw their women, take their money, and vote against 'em anyway, you don't belong in office."

Molly Ivins

#2 | Posted by SomebodyElse at 2021-03-17 05:03 PM | Reply

Headline might as well say "Texas regulator did his job."

#3 | Posted by snoofy at 2021-03-17 05:06 PM | Reply

BURN THE MONEY WITCHES

#4 | Posted by redlightrobot at 2021-03-17 05:41 PM | Reply

Texas consumers will remain on the hook for the huge bills they received. There is no political will for a clawback, rebate or other adjustment which could benefit consumers. To do so would be (1) admission that unregulated energy markets are a disaster waiting to happen, (2) contrary to the political leaning of the governor, the lieutenant governor and many of the members of the state house and senate, and (3) contrary to what the moneyed and powerful interests expect from the political leadership in Texas.

No one in Texas ever expected something like the weather system that hit the state last month. Now that it has, energy providers expect that consumers will be held to the letter of their agreements with providers. And providers have realized that climate change is real and there are more paydays like this in their future. And they gots to get paid...

#5 | Posted by catdog at 2021-03-17 06:25 PM | Reply

@#1 .... he promised, the Wall Street bankers are going to be able to keep the profit they got off the backs of the people of Texas who lived through the recent winter storm and resulting blackouts, ...

Looks like he chose to prioritize profits over the welfare of the people of the state.


#6 | Posted by LampLighter at 2021-03-17 06:45 PM | Reply

I think Abbott's political career will be destroyed by this and his other idiotic decisions,

#7 | Posted by danni at 2021-03-17 07:11 PM | Reply

@#5 .... No one in Texas ever expected something like the weather system that hit the state last month. ...

Texas Was Warned a Decade Ago Its Grid Was Unready for Cold
www.bloomberg.com

Federal regulators warned Texas that its power plants couldn't be counted on to reliably churn out electricity in bitterly cold conditions a decade ago, when the last deep freeze plunged 4 million people into the dark.

They recommended that utilities use more insulation, heat pipes and take other steps to winterize plants -- strategies commonly observed in cooler climates but not in normally balmy Texas.

"Where did those recommendations go, and how were they implemented?" said Jeff Dennis, managing director of Advanced Energy Economy, an association of clean energy businesses. "Those are going to be some pretty key questions."...


Report on Outages and Curtailments During the Southwest Cold
Weather Event of February 1-5, 2011 (PDF)
www.ferc.gov

#8 | Posted by LampLighter at 2021-03-17 07:48 PM | Reply

"Federal regulators warned Texas..."

Except in Texas they're not regulators, they're "suggesters".

And I guarantee you: every single board member comparing what it would've cost to upgrade against what they might have to pay for their "negligence" is secretly congratulating themselves for the smarter money play. The fact people died, will have to declare bankruptcy, or will have their lives altered forever, is nothing more than a rounding error on a balance sheet to them.

Think "Ford Pinto" in a cowboy hat.

#9 | Posted by Danforth at 2021-03-17 08:16 PM | Reply

@#9 ... "Federal regulators warned Texas..."

Except in Texas they're not regulators, they're "suggesters"....

My understanding is that the Federal segulators have no power (no pun intended) over Texas, because Texas is not a participant in the national grid.

So your replacement appellation of "suggesters" seems appropriate.

#10 | Posted by LampLighter at 2021-03-17 08:44 PM | Reply

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