Economy State of Texas bailing out electricity and gas providers.

[calavera2]

"A Texas baby born this year will be almost 30 years old when Texans make the final payment on 30-year bonds used to bail out electricity and gas providers. These companies are stuck with millions of dollars in deficits from the 2021 February freezeout"

Amazing really that subsidizing corporate losses is now the norm and in Texas no less. No real solutions to the problem just corporate handouts.


https://dentonrc.com/news/the_watch...cle_b6900ff5-b361-56b2-a886-d2122c1ee42e.html

https://www.google.com/amp/s/www.da...-it-didnt-have-to-be-that-way/?outputType=amp

 

[genecop]

It’s a mess, expecting much of the same in the New Year..

 

[Natural Order]

Pathetic doesn’t even begin to scratch the surface.

 

[SakurabasEar]

It's just ludicrous. My home county was one of the freeze outs from last year.

As if the freeze out wasn't bad enough, now your having those same people pay billions back over three decades with the high interest proceeds going straight into investor pockets.

 

[rearnakedchoke]

Bunch of socialists them Texans

 

[jk7707]

Nevermind that! I saw someone buying a steak at the grocery store the other day with an EBT card!!!1!

 

[terrapin]

"A Texas baby born this year will be almost 30 years old when Texans make the final payment on 30-year bonds used to bail out electricity and gas providers. These companies are stuck with millions of dollars in deficits from the 2021 February freezeout"

Amazing really that subsidizing corporate losses is now the norm and in Texas no less. No real solutions to the problem just corporate handouts.


https://dentonrc.com/news/the_watch...cle_b6900ff5-b361-56b2-a886-d2122c1ee42e.html

https://www.google.com/amp/s/www.dallasnews.com/news/watchdog/2022/11/10/you-may-pay-money-for-decades-for-our-electricity-failures-it-didnt-have-to-be-that-way/?outputType=amp

welfare is only good when it benefits corporations.

 

[M3t4tr0n]

Only Socialism that is ok is Corporate Socialism

 

[Bald1]

Privatize profits, socialize losses.

Too big to fail.

Essential services.


Man, the catchphrases and justifications and talking points are just too many. But that first one? Yeah, that one's a doozy.

 

[KeepingItReal]

Damn this is going to cost each taxpayer in Texas a whole $9 a year till 2050. How can they do this?! This is an outrage.

 

[MicroBrew]

Socialism for big corporations?

 

[no fat chicks]

Socialism for the upper class

 

[AnGrYcRoW]

Damn this is going to cost each taxpayer in Texas a whole $9 a year till 2050. How can they do this?! This is an outrage.

I think your missing the point

 

[milliniar]

Damn this is going to cost each taxpayer in Texas a whole $9 a year till 2050. How can they do this?! This is an outrage.

Only $9 a year to "end" homelessness and hunger in Texas, what would you rather pay for?

 

[KeepingItReal]

Only $9 a year to "end" homelessness and hunger in Texas, what would you rather pay for?

I don't even live in Texas so this a strange question to ask me.

 

[KeepingItReal]

I think your missing the point

Actually I totally got it. Utility companies are allowed to pass on costs to consumers including ones that were causes by their gross negligence, even in a roundabout way such as using 30 year bonds.

What I also got is the dramatization of this not being transparent when it's pointless to make it transparent that Texans will pay less than a dollar per month per Texan on their utility bill.

 

[boingyman]

Gavin and CPUC taking notes: "Use 30 year bond to bail out PG&E next time"

 

[calavera2]

Damn this is going to cost each taxpayer in Texas a whole $9 a year till 2050. How can they do this?! This is an outrage.

It really is, those bonds are not being sold to pay for repairs to the grid, but to make the investors "whole", suck on that outrage.

 

[KeepingItReal]

It really is, those bonds are not being sold to pay for repairs to the grid, but to make the investors "whole", suck on that outrage.

With what money can the companies fix the infrastructure if they are in debt?!

"Dave Lieber writes “The Watchdog” for The Dallas Morning News. He told Texas Standard he discovered the planned borrowing by digging through a 292-page filing by ERCOT, to the Public Utility Commission, or PUC.

“This money is not going to fix the infrastructure,” Lieber said. “This money is going to pay companies’ debts.”

https://www.texasstandard.org/stori...s-to-cover-6-5-billion-in-winter-storm-debts/

The article shows you are plain wrong.

They aren't making "investors whole" the companies are in debt and they have to pay their debts one way or the other. It's either paying one large lump sum from every Texan or paying it over a much longer period of time.

Again from the same article

"The debts were incurred when energy prices spiked during the winter storm. Lieber says energy companies say that without the money, they would be forced to pass along their costs to consumers in the form of higher utility bills.

Either way, Texans will pay the cost."

That's right, if you want energy companies to stay in business in any state they can't just incur debts and stay with those debts indefinitely, the debts must be paid back, even if it's their own damn fault those loses occured in the first place(lack of winter preparedness).

 

[Prutfis]

Socialism for corporations, bootstraps for everyone else.