Millions of Texas residents suffered last week when a winter storm caused a statewide electrical grid failure. But those who had power, even intermittently, are also paying a price — literally.
Many residents face enormous bills for the electricity they used during the storm.
Residents with variable-rate power plans are being hit the hardest. Such plans charge different prices for electricity depending on how much demand there is. The more demand, the higher the price.
I predicted this would happen when I heard about how they deregulated. I doubt that Texas will change. There will be a lot of noise, and perhaps a bailout for the hardest hit, but in the end nothing will change.