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Texas power prices soared 20,000% Wednesday evening amid another brutal heat wave.
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Spot electricity prices topped $5,000 per megawatt-hour, up more than 200 times from Wednesday morning.
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The state’s grid operator issued its second-highest energy emergency, then later said conditions returned to normal.
In sane parts of the US, utility companies are technically private entities, but they’re related so much they pretty much operate like government agencies.
The big difference being a drive toward profit. Nationalizing energy production and distribution would be a slam dunk for everyone except the people at the top of these energy companies and their shareholders.
Probably. But the people who cry about socialism would be technically correct for once if that happened.
Take a look at how the Georgia Public Service Commission is regulating the finances of the new nuclear reactors (Plant Vogtle 3 and 4) and then try to keep a straight face and tell me it’s working.