Thread by @HalMarshall2309

The GOP-controlled Texas Legislature authorized $6.4 billion in bonds to pay for losses recorded by electricity & natural gas businesses during the 2021 winter storm. Our GOP Governor signed the bill into law.

Oddly, ordinary Texans weren't compensated for their losses during the storms, nor for the deaths resulting from the failure of the Texas power grid. Instead, consumers were stuck with a bill for $6.4 billion.

We may be paying off those bonds for 30 years. That means Texans who weren't even born when the storm hit will pay for those companies who failed to do their jobs.

Getting a straight answer about how much this will cost consumers has been impossible.
#VoteBlue2022

dallasnews.com/news/watchdog/…

"The (Public) Utility Commission previously approved the purchase of $3 billion in bonds for electricity providers. January marked the first time electricity companies began getting billed for the storm-related charges, which they are allowed to pass along to consumers ... ."

"For gas providers, the Texas Railroad Commission approved the purchase of $3.4 billion in bonds. In a statement released the other day, the commission promised to protect consumers. (Tee-hee.)

"The railroad commission regulates oil and gas in Texas. I call them 'the choo-choo people' for short.

"In their latest public statement, the choo-chooers bent over backward to promise that they are for the consumers, not just for the industry. They voted to spread out repayments of the billions of dollars over many monthly bills rather than sock you with one big hit up front.

"Can you imagine if we all received a one-time charge? Instead of your gas bill jumping a few dollars a month for decades, what if you got hit with a one-time $2,000+ storm charge?

"Customers would default and the companies would then default and there’d be no true corporate bailout. This would hurt their gas company pals. But let’s pretend this is, as they claim, a 'benefit for Texas consumers.'

"These 'customer rate-relief bonds' will be issued for Atmos Energy, CenterPoint and a few smaller gas utilities, the railroad commission said.

"The bonds will be issued by the Texas Public Finance Authority in six months. And the payback is not to exceed 30 years. Unfortunately, that’s all we know.

"Thirty years! As I previously reported, adults not even born by the 2021 storm will be paying back this debt on their power bills.

"The whole idea of borrowing this money, according to Gov. Greg Abbott and state leaders, was to stabilize the market. The Watchdog has called this Texas socialism."