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While I am not unsympathetic for the plight of those impacted by this I am left with a feeling that those very same people that are in this unexpected bill situ
by Pick-A-Hill2019 6y ago
While I am not unsympathetic for the plight of those impacted by this I am left with a feeling that those very same people that are in this unexpected bill situation would have kept an eye on their meter/utility bills during the 'good' times to boast about how much they were saving versus the 'suckers'. In my eyes I think this quote from the energy company says it all -
Griddy told all of its customers earlier this week that they should switch to another power supplier as electricity prices soared as high as $9,000 a megawatt-hour on Monday.
"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," Michael Fallquist, chief executive officer of Griddy, said in a statement.
"We want what's right by our consumers, so we are encouraging them to leave," Fallquist continued. "We believe that transparency and that honesty will bring them back."
Hats off to them for being so honest.
- toomuchtodo 6y agoThe pessimist in me believes that this was a "hail mary" credit risk management attempt. Other suppliers weren't going to take on these customers during a crisis, and if you stayed with Griddy, it's unlikely you'd be able to afford the costs incurred at the rates they'd be forced to charge. As others have mentioned, Texas debtor protections are very strong, and it'd be relatively easy to default on this debt. Griddy might already be insolvent, depending on whether it can collect from those who continued to draw power during this event at extraordinarily high per kwh prices. This was "get off our service, we've blown out our model and are hemorrhaging" in PR speak, because they couldn't say "we're turning off your power."