Page 24 of 27 FirstFirst ... 142223242526 ... LastLast
Results 231 to 240 of 261

Thread: Texas in Crisis

  1. Top | #231
    Veteran Member crazyfingers's Avatar
    Join Date
    Mar 2001
    Location
    Massachusetts USA
    Posts
    2,167
    Archived
    13,699
    Total Posts
    15,866
    Rep Power
    76
    Quote Originally Posted by Angra Mainyu View Post
    Quote Originally Posted by lpetrich
    Also, some electric-power companies are recommending that their customers disconnect to avoid grotesquely high power bills.
    That looks like a really bad system. Do you have a link?
    The 2nd post in this topic has a link to a good summary

  2. Top | #232
    Veteran Member
    Join Date
    Jan 2006
    Location
    Buenos Aires
    Posts
    3,029
    Archived
    7,588
    Total Posts
    10,617
    Rep Power
    59
    Quote Originally Posted by crazyfingers View Post
    Quote Originally Posted by Angra Mainyu View Post
    Quote Originally Posted by lpetrich
    Also, some electric-power companies are recommending that their customers disconnect to avoid grotesquely high power bills.
    That looks like a really bad system. Do you have a link?
    The 2nd post in this topic has a link to a good summary
    Thanks, though it does not seem to say anything about companies recommending that their customers disconnect to avoid very high power bills. Or do you mean the video, not the text? I'll see if I can watch the video. Nope, nothing in the video, either.

  3. Top | #233
    Contributor Trausti's Avatar
    Join Date
    Jul 2005
    Location
    Northwest
    Posts
    7,510
    Archived
    372
    Total Posts
    7,882
    Rep Power
    65
    Quote Originally Posted by Jimmy Higgins View Post
    Texas, demonstrating Isolationism working most of the time isn't as good as things working all of the time.
    The real issue seems to be weatherization. It had also been cold in Alberta, but Alberta kept the power on despite the surge in demand.

    Frigid weather sees Alberta break power demand record

    Albert is 43% coal and 49% natural gas. Texas is 23% wind, and 17% coal and 52% natural gas. But the Texas plants froze. Alberta shows coal/gas is just fine, so long as your plants are weatherized. Obviously, no one in Texas had thought it'd get that cold.

  4. Top | #234
    Elder Contributor
    Join Date
    Aug 2002
    Location
    Atlanta, GA
    Posts
    19,355
    Archived
    15,686
    Total Posts
    35,041
    Rep Power
    88
    Honduran family in Texas is not wasting any time before they called a hearse-chasing lawyer.

    Family of boy who died during Texas winter storm sues ERCOT and Entergy for $100 million

    Quote Originally Posted by CBS News
    The family tried to wake up Pavon on Tuesday afternoon but he was unresponsive.
    They waited until the afternoon before they tried to wake him up?

    The family told KHOU that they tried calling 911 but were waiting on a Spanish-language operator.
    I guess learning English in two years was too much to ask for.

  5. Top | #235
    Contributor Arctish's Avatar
    Join Date
    Jul 2003
    Location
    Alaska
    Posts
    5,309
    Archived
    4,540
    Total Posts
    9,849
    Rep Power
    74
    Quote Originally Posted by Angra Mainyu View Post
    Quote Originally Posted by crazyfingers View Post
    Quote Originally Posted by Angra Mainyu View Post
    Quote Originally Posted by lpetrich
    Also, some electric-power companies are recommending that their customers disconnect to avoid grotesquely high power bills.
    That looks like a really bad system. Do you have a link?
    The 2nd post in this topic has a link to a good summary
    Thanks, though it does not seem to say anything about companies recommending that their customers disconnect to avoid very high power bills. Or do you mean the video, not the text? I'll see if I can watch the video. Nope, nothing in the video, either.
    Texas Power Retailers to Customers in Face of Freeze: Please, Leave Us

    Quote Originally Posted by Bloomberg
    Some retail power companies in Texas are making an unusual plea to their customers amid a deep freeze that has sent electricity prices skyrocketing: Please, leave us.

    One power supplier, Griddy, told all 29,000 of its customers that they should switch to another provider as spot electricity prices soared to as high as $9,000 a megawatt-hour. Griddy’s customers are fully exposed to the real-time swings in wholesale power markets, so those who don’t leave soon will face extraordinarily high electricity bills.

    “We made the unprecedented decision to tell our customers -- whom we worked really hard to get -- that they are better off in the near term with another provider,” said Michael Fallquist, chief executive officer of Griddy. “We want what’s right by our consumers, so we are encouraging them to leave. We believe that transparency and that honesty will bring them back” once prices return to normal.
    There was a follow-up Letter from Griddy about the storm and prices sent on the 15th that indicated other power companies weren't going to accept new customers right away, so some folks were going to be paying jacked up rates for a while.

  6. Top | #236
    Elder Contributor barbos's Avatar
    Join Date
    Nov 2005
    Location
    Mlky Way galaxy
    Posts
    11,400
    Archived
    8,047
    Total Posts
    19,447
    Rep Power
    68
    This is a galactic level stupidity I have never heard before.

  7. Top | #237
    Veteran Member James Brown's Avatar
    Join Date
    Dec 2005
    Location
    Texas
    Posts
    3,383
    Archived
    5,844
    Total Posts
    9,227
    Rep Power
    62

  8. Top | #238
    Formerly Joedad
    Join Date
    Mar 2001
    Location
    PA USA
    Posts
    7,274
    Archived
    5,039
    Total Posts
    12,313
    Rep Power
    82
    Quote Originally Posted by barbos View Post
    This is a galactic level stupidity I have never heard before.
    You've obviously never experienced the greatness that is Texas. It's the only state I've ever lived in that left me with the impression that something must be in the water there. It's probably the best example we have of Libertopia in action.

  9. Top | #239
    Veteran Member
    Join Date
    Jan 2006
    Location
    Buenos Aires
    Posts
    3,029
    Archived
    7,588
    Total Posts
    10,617
    Rep Power
    59
    Quote Originally Posted by Arctish View Post
    Quote Originally Posted by Angra Mainyu View Post
    Quote Originally Posted by crazyfingers View Post
    Quote Originally Posted by Angra Mainyu View Post
    That looks like a really bad system. Do you have a link?
    The 2nd post in this topic has a link to a good summary
    Thanks, though it does not seem to say anything about companies recommending that their customers disconnect to avoid very high power bills. Or do you mean the video, not the text? I'll see if I can watch the video. Nope, nothing in the video, either.
    Texas Power Retailers to Customers in Face of Freeze: Please, Leave Us

    Quote Originally Posted by Bloomberg
    Some retail power companies in Texas are making an unusual plea to their customers amid a deep freeze that has sent electricity prices skyrocketing: Please, leave us.

    One power supplier, Griddy, told all 29,000 of its customers that they should switch to another provider as spot electricity prices soared to as high as $9,000 a megawatt-hour. Griddy’s customers are fully exposed to the real-time swings in wholesale power markets, so those who don’t leave soon will face extraordinarily high electricity bills.

    “We made the unprecedented decision to tell our customers -- whom we worked really hard to get -- that they are better off in the near term with another provider,” said Michael Fallquist, chief executive officer of Griddy. “We want what’s right by our consumers, so we are encouraging them to leave. We believe that transparency and that honesty will bring them back” once prices return to normal.
    There was a follow-up Letter from Griddy about the storm and prices sent on the 15th that indicated other power companies weren't going to accept new customers right away, so some folks were going to be paying jacked up rates for a while.
    Thanks for the links, and yes, that's a pretty serious design flaw.

  10. Top | #240
    Super Moderator
    Join Date
    Sep 2000
    Location
    Nevada
    Posts
    30,327
    Archived
    96,752
    Total Posts
    127,079
    Rep Power
    100
    Quote Originally Posted by Arctish View Post
    There was a follow-up Letter from Griddy about the storm and prices sent on the 15th that indicated other power companies weren't going to accept new customers right away, so some folks were going to be paying jacked up rates for a while.
    Duh! A company that doesn't pass on market rates to customers at present is going to be bleeding heavily. Of course they won't take on any new clients now.

    Fundamentally, this comes down to a form of insurance. A company like Griddy is not providing any insurance against market rate shock, some other companies do. As always with insurance you pay not only the average cost of claims but something of a premium to get someone else to take the risk. (Normally there are also overhead costs to insurance but in this situation the business relationship and billing already exists, the additional overhead is tiny.)

    This is not a case of the company being unfair, it is a case of consumers not realizing the risk they were assuming. Of course, being Texas, I'm sure they weren't required to point out how badly things could go.

    Consider another common example of who assumes the risk: Fixed-rate mortgages vs adjustable-rate mortgages. Fixed-rate mortgages are a form of insurance against interest rate increases, ARMs have much less insurance (but since they normally have a maximum rate there is still some insurance involved.)

    In the big picture insurance is virtually always a bad deal--we only buy it because we might be the unlucky one. You normally should only buy insurance if you can't afford to be the unlucky one.

    (Note, however, that there are some edge cases. I used to buy dental insurance from my employer because I could pay for it with pre-tax dollars but I would have to pay the dentist with post-tax dollars. The insurance company's cut was less than the tax bill would have been. There is also the issue that insurance companies are often in a position to negotiate a better deal--but note that this doesn't actually require insurance to exist. Before the ACA I was wishing someone would come up with health "insurance" with an infinite deductible--there definitely would be a value to the negotiation and crap filtering the health insurance companies provide even if they weren't willing to actually insure you.)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •