Ted Cruz calling for regulation of power pricing is today's πππππ
https://twitter.com/tedcruz/status/1363529410268319747
Very different Ted Cruz on, say, health care regulations.
Can you imagine a Blumenthal-Cruz "power company customer bill of rights"???
Every jurisdiction that I'm aware of has some regs on essential utility prices, esp natural monopolies. (Water, power).
It's just, TX decided to cap prices at $9/kwh, let retailers pass on all of it to residential customers and failed to incentivize winterization.
It's just, TX decided to cap prices at $9/kwh, let retailers pass on all of it to residential customers and failed to incentivize winterization.
A company might gamble that this year's or next year's or even the next 10 years might be warm enough to make the investment not worth it. But the consequences of failure are catastrophic; as @elonmusk would say, an unpriced externality.
In this case it might even be worse than an unpriced externality: failures caused prices to skyrocket so power producers made more money than ever before despite terrible service quality for the end user.
Higher prices/worse quality/etc.
Higher prices/worse quality/etc.
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