4 ms·

That's not accurate. 99% of people are on fixed rate plans. Mainly it was one company, Griddy, that sold gullible people variable rate plans. Griddy was then

That's not accurate. 99% of people are on fixed rate plans. Mainly it was one company, Griddy, that sold gullible people variable rate plans. Griddy was then banned as it failed to provide people power during this time, suggesting their users to switch. Most Texans are on fixed rate plans via TXU, Reliant, or the many other normal providers. It was suggested to pass a law preventing variable rate plans that gamble like that, but I'm not sure the state of that.

lesuorac 5y ago
What was Griddy telling gullible people that wasn't the truth? As far as I've seen, they've been completely honest about their pricing. > [Griddy] does warn customers, however, that the wholesale price is capped by state regulators at $9 a kilowatt-hour. [1] It's not Griddys fault that Texas doesn't prepare for winter storms that hit the state once per decade. Griddy doesn't produce electricity. Griddy doesn't build power lines. Griddy did however get customers power and thats why many of them were upset about how much the state set the wholesale price at. [1]: https://www.caller.com/story/news/local/texas/state-bureau/2021/03/01/griddy-electric-bills-spiked-during-freeze-explanation/4549742001/ https://www.caller.com/story/news/local/texas/state-bureau/2...
- hunterb123 5y ago
  Their page downplayed the risks of variable pricing and their process during the ordeal was unprofessional. It was a 100 year freeze, not a decade one. Never in my life until then did we have longer than 2 days of snow/ice. Most of us don't insulate our pipes for that reasoning, though flexpiping is common to help against minor freezing. Same reason as to why a lot of people don't have A/Cs on the West Coast. Yeah the grid should have been winterized, but the pricing problem for customers was entirely on Griddy. I have a question, are you from Texas?
  - lesuorac 5y ago
    > Their page downplayed the risks of variable pricing and their process during the ordeal was unprofessional. That's rather unspecific. As far as I've seen the risk of 9k/MW always comes up in articles about Griddy (even pre-2021) and even happened to customers prior to 2021. And before the storm they notified customers that they should "switch providers" due to expected high prices. The 2021 storm could be a 1/100 year but a non-trival winter storm hits Texas every 10 years. Letting pipes burst due to an extreme event can be a valid strategy but just be honest that the plan is that. https://www.nytimes.com/2011/02/05/us/05storm.html https://www.nytimes.com/2011/02/05/us/05storm.html

lesuorac 5y ago

What was Griddy telling gullible people that wasn't the truth? As far as I've seen, they've been completely honest about their pricing. > [Griddy] does warn customers, however, that the wholesale price is capped by state regulators at $9 a kilowatt-hour. [1] It's not Griddys fault that Texas doesn't prepare for winter storms that hit the state once per decade. Griddy doesn't produce electricity. Griddy doesn't build power lines. Griddy did however get customers power and thats why many of them were upset about how much the state set the wholesale price at. [1]: https://www.caller.com/story/news/local/texas/state-bureau/2021/03/01/griddy-electric-bills-spiked-during-freeze-explanation/4549742001/ https://www.caller.com/story/news/local/texas/state-bureau/2...

hunterb123 5y ago
Their page downplayed the risks of variable pricing and their process during the ordeal was unprofessional. It was a 100 year freeze, not a decade one. Never in my life until then did we have longer than 2 days of snow/ice. Most of us don't insulate our pipes for that reasoning, though flexpiping is common to help against minor freezing. Same reason as to why a lot of people don't have A/Cs on the West Coast. Yeah the grid should have been winterized, but the pricing problem for customers was entirely on Griddy. I have a question, are you from Texas?
- lesuorac 5y ago
  > Their page downplayed the risks of variable pricing and their process during the ordeal was unprofessional. That's rather unspecific. As far as I've seen the risk of 9k/MW always comes up in articles about Griddy (even pre-2021) and even happened to customers prior to 2021. And before the storm they notified customers that they should "switch providers" due to expected high prices. The 2021 storm could be a 1/100 year but a non-trival winter storm hits Texas every 10 years. Letting pipes burst due to an extreme event can be a valid strategy but just be honest that the plan is that. https://www.nytimes.com/2011/02/05/us/05storm.html https://www.nytimes.com/2011/02/05/us/05storm.html