Natural gas customers in Texas get stuck with $3.4 billion cold-snap surcharge

[douglas9]

Texans will be paying for the effects of last February’s cold snap for decades to come, as the state’s oil and gas regulator approved a plan for natural gas utilities to recover $3.4 billion in debt they incurred during the storm.

The regulator, the Railroad Commission, is allowing utilities to issue bonds to cover the debt. As a result, ratepayers could see an increase in their bills for the next 30 years.

During the winter storm, natural gas prices spiked as cold temperatures drove demand up while also depressing supply. Much of Texas’ natural gas comes from fracking, which uses large amounts of water. To prevent the wellheads from freezing, many producers shut-in their wells in advance of the storm. The governor’s office knew of the looming shortages days before they happened, yet the preparations they made did little to alter the course of the disaster.

The shortfall caused a cascade of effects throughout the state. Many wells run on electricity, but the state lost half its generating capacity. Many natural gas-fired power plants had to shut down because they weren’t weatherized—their equipment was literally frozen. Even those that could operate had a hard time receiving gas because of the wells that were either shut in or frozen. Power producers paid an extra $8 billion to gas producers during the five-day storm.


https://arstechnica.com/tech-policy/2021/11/natural-gas-customers-in-texas-get-stuck-with-3-4-billion-cold-snap-surcharge/

[CrispyQ]

1. Will Texans keep voting for republicans, who have only two policy ideas?

1. Tax cuts for the rich.
2. Deregulation for the corporations.

Abortion? Immigration? Gun rights? That's all just red meat for their base.

[ratchiweenie]

4. Yes they will. They are obviously not very savvy customers.

[applegrove]

2. Maybe it will dawn on them the GOP is treating them as marks. They

are being exploited. The GOP is essentially corrupt.

[NCjack]

3. Texas always find a way to skip when the check arrives. Uncle Sam will pay.

[flying_wahini]

10. Ha! I pay over $11,000 a year in TX property taxes. They will pass it on to us, make no mistake.

[tirebiter]

5. Republican inflation is what it is

[TheRealNorth]

6. How nice

The customers get charged extra for product scarcity caused by the incompetence of the company responsible for the scarcity.

[Deuxcents]

7. I have family in East Texas

They will squawk, moan n groan. Then pay up and go on voting against their best interests. They’re good republicans.

[Irish_Dem]

8. This is why the wealthy will not pay to prevent climate change.

They are just going to let the public foot the bill for ensuing damages and devastation.

[Javaman]

9. we'll be on the hook for 30 fucking years? because of the tx govs fuck ups?

don't you love republican's responsibility?

they still haven't fixed a fucking thing yet.

So when this happens again, and it will, what then? will we have to pass on the debt to countless generations? well past the point where climate change takes over and the thought of freezing weather is nothing more than a distant memory?

fuck yes, says the right wing mouth breathing assholes that vote in these fucking grift pricks.