Feb 23, 2021 11:08 AM
Lanhdanan
94419
4896
170
xEFGx
Whoever said that capitalism is noble is either a liar or doesn't know shit about economics
beastlysunismyname
How is capitalism responsible for this illegal activity? I think this would have happened whatever you call a system when its run by thieves
2/2: but i am opened to be educated if this is wrong of course
Clickbot9000
Scalping without the middleman
PulpyOJ
v
Enol13
The people who got hit with these bills had wholesale energy plans which means they agreed to pay whatever the energy supplier was paying
DeanOMiite
So here's the frustrating part, and correct me if im wrong...but isn't Texas mostly on a private power grid, which the R govt chose cuz /
2 they didn't want their power to be regulated by government. And then this happened. And they will STILL overwhelmingly vote Republican 2/2
abidikgubidik
With all this stupidity, perhaps the smart thing is to push for more state rights and live in a highly democratic state. I know it's 1/2
selfish, but what else am I supposed to do if I can't fix stupid?
sturm24
Its noble to the rich and prevents suffering of those in power. "Fuck the poor" as it says on the dollar.
finnsto
lEt tHe fReE mArKeT dEcIDe
BigTandLaVerne
This is not capitalism this is a monopoly run by government.
Jweber73
22$/kWh? wtf, that's even expensive
unsureaboutexpirationdate
Isn't it. Price here is 0.11€/kwh
PicassoCT
Should have burned fat cats ..
BootsDusty
StorytellingSalem
Its not what you do when it happens (cause now you’re gonna be paying for that regardless;) its what you do after the snow melts TX.
pulls0112
How does the snow... melt Texas?
TheFastpaws
They will vote GOP and believe Fox on the green new deal. Morons.
kubi
My city has municipal power, and they're trying to absorb the surge for us.
doktorivan210
San Antonio? Because that's what's going on here as well.
Denton.
Go Mean Green.
Stefnos
poke them with pointy sticks
TheJudgeHasItBackwards
As a Texan... im 99.5% sure nothing will happen. Our state is gerrymandered to hell, and the GOP is wholly owned by big energy.
whightsars
Are they actually going to make y’all pay that? Even if it was declared a state of emergency?
ILikeCuteGifsAndICannotLie
They want the feds to bail them out which is just rich. NO YOU FUCKS IF YOU WERE ON THE GRID THIS WOULDN'T HAVE HAPPENED.
YouExpectedAUsernameButItWasMeDio
Kill them.
FigmentImage
There's 29 million of you and I'm pretty sure AT LEAST 28.5 million of you just got literally left to die in the cold by these fucks who ...
very conveniently have names and addresses that are typically publicly available. And I hear you guys are big fans of the 2nd Amendment.
The violent and insane half of us think that it was AOC's fault because she owns all the windmills that failed. The rest of us are trying.
As a non texan; “we cant help you with that. Only you can help you with that or else itll happen again. And again. And again.”
Yeah, that is literally what's going to happen. I'm just keeping an eye out for jobs elsewhere while improving my emergency preparedness.
FrozenCoast
IrishCyko
Ya but AOC wore an expensive suit once.... Rabble rabble!!!!
At least it wasn't a tan suit
Thephedora
"But you signed a contract"
Deadmedic
He ment megawatt hour
txshender
I don’t know why you’re being downvoted but this is indeed correct. Pricing for wholesale is denoted in MWhr.
Lol, right?, can you imagine $10,000 per kwh? My bill would be 5 million dollars for last month...
thespyisdead
Hang on, am i reading that correct? Their regular prive is 22 dollars for a kWh? Damn, how can they afford to turn on the lights 1/2
I pay around 9 euro cents, and that is with VAT and transfer charges included
Basterdsugar
It's poorly understood by Twitter poster, it's $22 per MWh, or $0.22 per kWh. Still, $10.- per kWh is insane
bepreparedyoumust
No, it’s $0.022 per kWh. Divide mWh by 1000 to get kWh
ControversialLeftistLesbian
Power should be free to consumers. Paid for by millionaires.
But energy is how most ultra rich made their money in the first place :-P
xconstellation
Good let’s keep it circulating lmao
Make the elite obsolete then.
Easier said than done. Tried with Bernie, even most dems didn't go for it
jinbee
That's the wholesale market price, the people getting huge bills signed up to a tariff that tracks it, they gambled and lost.
SwarmMaster
So? Why did the wholesale price spike that hard? Oh right, unregulated services failed disrupting supply and causing huge price dislocation.
irontom
as a bonus the reseller actually sent out info that people should switch their tariff ASAP.
HelloMax
BuT CaPiTaLiSm iS Evil...
The power level is over 9000 $
LompHoofd
technically correct +1
HaveGinWillBabble
whatmakesushuman
Nicely done.
bradendwilliamson5
We've become a very corporate country, this is what happens when the people with money make the rules
Zottel89
but... but... but everything else is EVIL COMMUNISM that will MAKE JESUS SAD, don't you know?
BadPunsAplenty
I fully agree with this statement.
Serenitis
"surge pricing" is just gouging with a more polite name.
QuiteADapperAsshole
Doesn't sound polite to me.
FlavorFinger
Arizona here, we we pay $17/kwh for our highest hour of usage for the month. It basically doubles the bill for 1 hour. Fuck APS
Bystandr
It IS gouging. Disclosing the mechanism is exactly zero mitigation of intent or commission (of the crime of price gouging).
deadman320
Correct me if im wrong but isnt gouging illegal, i remember the pandemic had issues with it but its not talked about now with texas
theshanaman
“Variable rates””Free weekends””Free nights””Green only”...are all terms used for variable rates down here and suddenly you’re out $3000+
TubbaLubbaDubDub
That's why you gotta check the plan and make SURE the ones you are charged for are fixed. I.e. free nights but charged 19c per kwh at day
ShooterMcGrabbin
We need to use our voices to speak right to power-bars and create more surge-protection in our economy am i rite lol ok i'm leaving
Bmxtucker
Reminder that Nevada has enough unused land to fuel the whole continent on solar energy
BlackAssMamaWhiteAssDaddy
Similar to alternative facts, yeah?
JoeT85
You may as well it name it 'Insulin'. Could it be that the people of Texas are just pockets to be picked?
zfournier16
Theft call it what it is
jlhodge17765772
No, it is just gambling. They took the sucker's bet and lost. Could have chosen to take fixed pricing but didn't.
theillicittruth
Agreed
erischilde
Time to stop blaming the people instead of the business. Variable sure, 10000% increases would be unimaginable.
Nachro97
Heartlessness won't be tolerated here, even if you're right to an extent
SheepySleepySmuggler
In this case surge pricing occured because demand exceeded supply - combine that by confusing the units (kWh with MWh) to put...
...price out by a factor of 1000 and it can be treated as garbage. Surge pricing was a symptom of the failure and given that...
...the cause was poor design on the supply side, not directly attributable to electricity pricing (i.e. saving were on build/maintenance...
...which is minimal rather than cost per unit) it misses the point. Capitalism AND regulation worked in other states - maybe...
...capitalism isn't the part that's broken in this case.
chloramphenicolderivative
Surge pricing is fine as long as the price is known at the point of purchase. It serves no function if it isn't known.
ICallBullshit
Whatchu mean? The function it serves is to make fucking money
PerfectManhattanUp
That's one of two factors. It must also be possible that the high price can motivate more providers to sell the good/service. Which is ...
Also impossible in this case. So it's doubly bullshit. Tough I do question what would make someone fail to lock in a fixed rate when they...
Sign up for electricity. That's just so obviously the right way to go.
Especially when you know you aren't going to look at the prices or have any good reason. If I had an electric car I might, since it's 1/2
Tigersterne
Or if it's life and death. I'm fine with toilet paper temporarily being expensive. Heat during a blizzard, not so much
Marketing asshats always put lipstick on the pig to make it more palatable.
BobaFettApproves
I wondered why it hot my ear wrong when I heard it. It’s the exact same syllable count as price gouging
JB4T5
Even though pig is delicious without makeup flavor (this means nothing economically, I just like good pork)
Obietrice
I finally understand that episode of Black Mirror now. Thanks.
Euchre
No, they put lipstick on the pig to trick you into eating it, because once you bite in, you find out it still tastes like rotten shit.
Marketing doesn't improve a product, it sells it.
TheyCallMeCaptainObvious
Is this considered price gouging during a natural disaster?
imnotsureaboutthat
No. The people who got expensive bills were using a utility company that sells power wholesale. The company told them they expect the price>
Of electricity would spike dramatically, and they should switch their utility to someone who isn’t just passing along the market price.
WhichIsIt
Does the wholesaler sell to other utilities? I mean, wouldn’t this price get passed they elsewhere? Or are they direct to consumer only?
menopausemedicine
Utilities typically buy wholesale but residents are insulated from short term spikes. theyd raise rates, but wouldn’t be in a single day
greggor
Most people were not able to switch in time. Other providers were not accepting new customers or had a 3-10 day wait before they could start
Sure, idk how they could have predicted it earlier though.
newsguycraigevans
Yeah, most got 24 hours notice and couldn't switch in that time, it was a dick move by the wholesaler.
Idk how the wholesaler should have known how hard they would get hit earlier.
furzinderdose
10k per kwh? I don't want to believe that....
hitthatbomb
Good - you shouldn’t, it’s not correct - no context post meant to trigger the Feelers and leave no room for Thinkers.
Don't believe it. It's poorly understood by Twitter poster, it's $22 per MWh, or $0.22 per kWh. Still, $10.- per kWh is insane
it’s $0.022 divide mW by 1000 to get kW
You are correct to doubt, they have replaced kilowatt with megawatt. They are way off
NextSpark
Even 22 is enormous amount.
It’s $0.022 per kWh, not $0.22
Catoust
Something something, supply < demand, Texas companies have customers pay wholesale. I dunno man, I just lurk here.
TheThingsTheyCarried
Only something like 2% of households in Texas have variable rates. Most people pay a fixed rate
xVVitch
Can confirm.
WizardHarryDresden
Yea i want a source on this claim
shmoisty
https://www.reuters.com/article/us-usa-weather-power-prices-explainer-idUSKBN2AG2KD
https://www.reuters.com/article/us-usa-weather-power-prices-explainer-idUSKBN2AG2KD believe it.
CheeseburgertheSinister
I read the link. It said $11,000/MWh, not kWh.
Disregarding the error in prices, didn't only people on some plans (with providers that pass on wholesale prices) get those ludicrous bills?
SoundFuture
Yes. Basically about 29k out of state with 11.3 million homes.
Yes, there is a great deal of misunderstanding of the issues here, not only are the prices 1000x too high in this post, but
These prices only apply to the utility companies unless you chose Griddy to pass the “wholesale” costs on to you
I pay less for electricity! I don't care why! I don't care whats a meguhwat! Oh no, now I pay more? Fuck Capitalist exploitation!
LeftRightThere
When you hear companies brag about “profits” what they are really saying is “look how much we kept from paying employees for their efforts!”
Exoticz
Those employees are almost always already paid before the company even sees those profits. Go spew nonsense somewhere else.
Yes, people get paid to create products before products are sold... almost as if they invested their time to build up wealth.
There you go :)
Then they should be paid with the wealth they’ve created.
Why?
LychFinderGeneral
Profits, by definition, are the excess money skimmed off of an employee's production. They cannot be anything else
sqabbit
Regulation is a necessity in capitalism. Without it you get this shit
jondeere89
Even Adam Smith said there needed to be some regulation.
LowTinaTurner
Nate Dogg and Warren G also echoed this sentiment.
damogen
He had a whole chapter about the awful effects of “landlords” who drain money out of the system without adding any value themselves
Haidere1988
Just remember, corporations arepeople too...most are just sociopaths.
It’s funny cause they actually are treated as people under the law
We should start calling it consumer protection instead of regulation.
drunkbs
belaqua84
No economic system is perfect, and we're currently FAR from even ok. The problem is that we need regulations, and harsh punishment for
Taking bribes. HAVE to get rid of Citizens United (that allows corporations to spend money on political campaigns)
DenounceAll
This is crony corporatism plain and simple, nothing free about this market.
EchoWhiskyBravo
Capitalism is my livelihood and I agree 100%. What Texas has done is total bullshit.
[deleted]
anthropogenicentropy
Texas has competing utilities.
Septcanmat
So it does. I rescind my above statement, it was based on a misunderstanding of what ERCOT was based on something I’d read.
Yes but the people for it will claim its capitalism, call you against capitalism (no matter what you say to the contrary), it doesn't matter
Matrican
Yep. That is exactly that. What USA have today is quite far from what capitalism actually is. The biggest factor is the monopolies.
I would say that other states today is better examples of a good capitalistic system.
Mokelzwerg
Exactly. Capitalism itself isn’t bad.
Beleg7
Eh, markets aren't necessarily bad. Capitalism is the part where people who own capital get all the returns on other people's labor.
Renafoxtrot
This is capitalism itself. This is unchained, completely free capitalism. Its bad.
iamdanman
Regulatory Capitalism, this shit is unfettered
xKaraKx
Yes it is... alienation of labour, atomization of the community, the inherent threat underlying all capitalism, the idea of an infinite
Growth system inside a closed FINITE planet, and the imperialism that capitalism necessitates to maintain profits... no matter what type of
Reform you make its only a matter of years before someone is bought and that reform is destroyed. Weve already seen it worldwide
So what do you propose? Growth doesn’t necessarily mean Ressource exploitation although that’s currently the case.
Not sarcasm, can you please explain how it’s not bad? Because I don’t get that, to me it seems only wrong and greedy.
theoldesttrickinthebook32
There is supposed to be competition willing to provide a service for less profit, but with slaves (China) or monopolies around it gets effd
Capitalism basically says that if you have an idea for a new product, or a way to produce an existing product more economically
then you are able to start a business to make and sell that product. When other companies determine better ways to produce
that product they can try to compete with you. Demand drives production, and the things people choose to buy controls whether or not those
gaidinbdj
Nearly every power grid in the country is privately-owned. The difference is regulation.
gurpr337
Capitalism produces greatest social mobility, equality of opportunity, and wealth for everyone. That said monopolies and corruption suck so
regulations are required. The issue is that the govn is a giant monoply in cahoots with the private monopolies. This is Crony Capitalism.
Solution is to fix the govn instead of blaming the companies that are just doing what the govn says is perfectly legal.
SuperKamiGuru11
Its not the system thats bad its the corruption within it. Pick any other system, introduce corruption, and you get the same result.
Yes but it seems this one is set up to be corrupt.
matthiasfactor
How? Literally every socioeconomic structure can and has been taken over by dictators. How is capitalism any worse?
Pick a system from anytime and there will be examples of corruption. Its human nature we gotta regulate really.
Kenman87
For context, the average price in Georgia (three states over) is around $0.12/kWh......
dfloof1191
I pay roughly $0.13/kWh in Michigan.
Op has the wrong units, they are giving megawatt hour prices, so divide by 1000
ShiftingPattern
Winter prices in Texas are normally just north of $0.12/kWhr not $0.022/kWhr.
Depends if you are talking “wholesale” price or the price on your bill
For the many Texas households on Griddy, that's the exact same thing.
That is the whole point of Griddy. You pay “wholesale” it’s good sometimes, terrible other times. They report 29,000 customers out of
Texas is the same to slightly less. The people who got screwed were paying spot prices, a practice we shouldn't allow without bumpers.
MADchemEE
$0.14228/kWh in Saskatchewan. That's $CDN. So like.. $0.11297/kWh in USD.
rpmerf
Same for the overall price in MD.
stormstereo
Speaking of units. This makes me think of Verizon math. https://youtu.be/MShv_74FNWU
TheSwedishCryptid
In Sweden, it's $0.04/kWh, give or take.
was as low as $0.01 for 1 month.
DavidBrooker
I pay $0.062 (CAD) /kWh (about $0.049 USD) for frozen wind turbine electricity
Lol, units are important. There is a big difference between a MW and a kW.....
Exactly, Imgur loves to talk about how great the metric system is, but then they don’t know how to use it.
To be fair, this is probably from the non-mettic portion of Imgur. Once you convert from Tesla's/Walmart car park to WHrs it's...
...easy to mess up the units.
ThePunishersVengefulBrother
Unit in the post was kWh, unit in response was kWh. Post came from Twitter, suspect that's where the problem lies.
LooseMooseNoose
Is it usually $22/kWh in Texas? - swede here with no clue on American electrical prices
No. Fixed rate $0.10/kWh is normal. We allowed people to pay spot prices directly, which can be anywhere from negative dollars to thousands.
No, the OP has the wrong units
Imjustasorrylurker
This post is wrong. It went to $9/Kwh - still high... Not denying that. It was $10,000 per MW which is vastly different.
idonthaveauser
So those people claiming they got a $2000 bill for 1 day for 1 house, didn't actually get a bill, they did some calculations by themselves?
They were paying $9/kwh not $10,000/kwh. Can you do math?
zanoii
So which one is it? $9/kWh is not $10,000/MWh.
The point is nobody paid $22Kwh OR $10,,000/Kwh for their home electricity like this post is saying.
I know. Just wanted it to be clear.
It's 2 different pricing for 2 different things. I paid roughly $9/Kwh. The generator pricing went up to roughly $10,000 per MW.
Ok, that explains it. Thanks!
$9 is still like 50 times what anyone would expect to pay for electricity in a regulated market.
I don't disagree. Just stating that people did not pay $22 or $10,000 per Kwh as the post says.
I suspect the units are wrong - prices quoted appear to be MWh rather than kWh. Average price in Texas is just under $0.12/kWh
seamusmcfly
Yes I pay less than .10/kWh
MoneyForNothing
Yeah and its $0.12 to $9 which is the max. What's the saying? It's the thought that counts not the facts?
In Arkansas, my electricity is $0.0799 / kWh. Of course, my heating is all natural gas, which is ~$1.22 / CCF.
That doesn't make sense. that would be dividing by 100, not 1000. What about people claiming a $2000 bill for one day? also miscalculated?
There's a systemwide cap around the $9000/MWhr mark in Texas which explains the high side - the average I used was across all utilities...
.. and the one provider (Griddy) used spot market prices that meant huge bills for customers BUT it was a small provider (30k customers)
Don’t know, the dollar amount is only part of the story, actual use of kWh is the other part.
wargnome
decimal point error, indeed. i read highest they charged was 9$ per KWhr "to reflect higher demand" or similar disgusting excuse
And it was only for a single supplier - the majority of consumer utility companies do not purchase power on the spot market
yes, it gets over-read easily. its not trivialising saying that many who in fact had electricity did not have to pay more. it sadly is...
just a side note, tho. people froze to death. failures on so many levels.
thoogle
Units are definitely wrong. Also the only consumers exposed to this pricing are those who used Griddy, a retail electric provider which
edit (Griddy and variable rate plan customers)
gives access directly to the wholesale market with no contract spot pricing. Every two or three years we have stories of people who got
caught out during peak demand when prices rise to the regulatory cap, nearly 1000x normal pricing at $9000/MWhr.
Wholesale price is usually $ .01-.03 kWhr... capped price is $9/kWhr. Retail prices are $ .06-.15 /kWhr depending on location.
WallyWorldtoo
Wow, In BC Canada our second tier use price is 0.13 Can. if/when I hit it, And I have been complaining on the first tier pricing
Confirmed, units are wrong, divide prices by 1000
So 'normal' price is $0.022/kWh? That doesn't seem right either.
The wholesale power is extremely cheap at times, but it does up and down every 5 minutes. It’s actually lower than that at this moment
This gives you prices for each Power Plant real time http://www.ercot.com/content/cdr/html/current_np6788
Normal for here is between $0.10/kWh and $0.22/kWh. It largely depends on your plan
$.10 is about right $.22 is way high
GiantAsteroid2021
$22 kWh is NOT an acceptable starting point. Not unless that energy is generated by naked models running a hamster wheel.
PianoMan2112
$0.22/kWh is pretty bad, too.
The correct price is $0.022 per kWh, $22 mWh / 1000 kW per mW equals $0.022
ProfessorVanDiggenSagg
Pretty normal price in EU. DE pays 30 ct/kWh. But than again, I can see that being a problem, if you have to rely on electricity for heating
uberarticuno
We pay 12p per kWh which is fine other than our damn electric radiators, we only use one which costs us about 50p per hour
Some data if you're interested: https://www.cleanenergywire.org/factsheets/what-german-households-pay-power
It’s not even $.22, it’s $0.022, still off by a factor of 10
DarkZalgo
2 cents per kwh? That would mean it'd have literally the cheapest energy in the entire world, which is far from true.
Nope the “wholesale” prices really are $0.02 to $0.05 per kwh most of the time. http://www.ercot.com/content/cdr/html/current_np6788
Bullshit. Texas is mostly natural gas. Natural gas costs about $.009 per cubic foot, and ten cubic feet can produce 1 kWh. They'd be
Can someone just redo #1 using unedited source units of measurement? Showing residential power in MWh is like pricing milk by the hogshead.
Your home electricity meter measures in kilowatt hours, your average home uses around a megawatt hour per month.
The “normal” Texas price is $0.022 per kilowatt hour, the maximum is $9.00 per kilowatt hour
An average home uses say 1000 kilowatt hours a month. So on Griddy you could pay $22 a month in theory, or if the prices maxed out for a
No one said capitalism is noble. It’s a market system & not a bad one. You just need to regulate corporations & hold them the f responsible.
Move on over to Conservative boards. They constantly speak of capitalism being the noble path compared to the evil socialisms.
It’s like comparing apple and oranges
OlderWiser
Most if not all of the Socialist countries so revered on here are capitalist. If not they wouldn't have the money for socialist programs.
SlotegeAllDay
Youre disturbing the echo chamber.
Yeah I know. I have issues with that.
FlippantJoe
Or just move away from systems that service the rich and hang the people of the nation. Capitalism is Monarchism with extra steps.
No. It’s not. Capitalism enabled innovation & scientific development. We need regulation, that’s all. Monarchy? Wtf. Are u dumb?
Alfadorfox
Name one corporation that's landed a man on the moon like a US government agency did.
Space X will. But Mars. Just wait. Who invented the car? Who invented the plane? State owned companies? No. Try again.
My point was that you don't NEED corporations to have innovation, not that they don't innovate. Stop moving goalposts.
SteveTheEgg
It's not just corporations, capitalism trains people to consume useless things, many of which ends up as trash, which pollutes our oceans, /
Regulation
/lands, and air. It takes a person's life away from them with false promises of security. Trading the actual human experience of living for/
Again: Regulation
/one of repetitive tasks, unhealthy food, and mindless greed.
REGULATION
xEFGx
Whoever said that capitalism is noble is either a liar or doesn't know shit about economics
beastlysunismyname
How is capitalism responsible for this illegal activity? I think this would have happened whatever you call a system when its run by thieves
beastlysunismyname
2/2: but i am opened to be educated if this is wrong of course
Clickbot9000
Scalping without the middleman
PulpyOJ
Enol13
The people who got hit with these bills had wholesale energy plans which means they agreed to pay whatever the energy supplier was paying
DeanOMiite
So here's the frustrating part, and correct me if im wrong...but isn't Texas mostly on a private power grid, which the R govt chose cuz /
DeanOMiite
2 they didn't want their power to be regulated by government. And then this happened. And they will STILL overwhelmingly vote Republican 2/2
abidikgubidik
With all this stupidity, perhaps the smart thing is to push for more state rights and live in a highly democratic state. I know it's 1/2
abidikgubidik
selfish, but what else am I supposed to do if I can't fix stupid?
sturm24
Its noble to the rich and prevents suffering of those in power. "Fuck the poor" as it says on the dollar.
finnsto
lEt tHe fReE mArKeT dEcIDe
BigTandLaVerne
This is not capitalism this is a monopoly run by government.
Jweber73
22$/kWh? wtf, that's even expensive
unsureaboutexpirationdate
Isn't it. Price here is 0.11€/kwh
PicassoCT
Should have burned fat cats ..
BootsDusty
StorytellingSalem
Its not what you do when it happens (cause now you’re gonna be paying for that regardless;) its what you do after the snow melts TX.
pulls0112
How does the snow... melt Texas?
TheFastpaws
They will vote GOP and believe Fox on the green new deal. Morons.
kubi
My city has municipal power, and they're trying to absorb the surge for us.
doktorivan210
San Antonio? Because that's what's going on here as well.
kubi
Denton.
doktorivan210
Go Mean Green.
Stefnos
poke them with pointy sticks
TheJudgeHasItBackwards
As a Texan... im 99.5% sure nothing will happen. Our state is gerrymandered to hell, and the GOP is wholly owned by big energy.
whightsars
Are they actually going to make y’all pay that? Even if it was declared a state of emergency?
ILikeCuteGifsAndICannotLie
They want the feds to bail them out which is just rich. NO YOU FUCKS IF YOU WERE ON THE GRID THIS WOULDN'T HAVE HAPPENED.
YouExpectedAUsernameButItWasMeDio
Kill them.
FigmentImage
There's 29 million of you and I'm pretty sure AT LEAST 28.5 million of you just got literally left to die in the cold by these fucks who ...
FigmentImage
very conveniently have names and addresses that are typically publicly available. And I hear you guys are big fans of the 2nd Amendment.
TheJudgeHasItBackwards
The violent and insane half of us think that it was AOC's fault because she owns all the windmills that failed. The rest of us are trying.
StorytellingSalem
As a non texan; “we cant help you with that. Only you can help you with that or else itll happen again. And again. And again.”
TheJudgeHasItBackwards
Yeah, that is literally what's going to happen. I'm just keeping an eye out for jobs elsewhere while improving my emergency preparedness.
FrozenCoast
IrishCyko
Ya but AOC wore an expensive suit once.... Rabble rabble!!!!
abidikgubidik
At least it wasn't a tan suit
Thephedora
"But you signed a contract"
Deadmedic
He ment megawatt hour
txshender
I don’t know why you’re being downvoted but this is indeed correct. Pricing for wholesale is denoted in MWhr.
Deadmedic
Lol, right?, can you imagine $10,000 per kwh? My bill would be 5 million dollars for last month...
thespyisdead
Hang on, am i reading that correct? Their regular prive is 22 dollars for a kWh? Damn, how can they afford to turn on the lights 1/2
thespyisdead
I pay around 9 euro cents, and that is with VAT and transfer charges included
Basterdsugar
It's poorly understood by Twitter poster, it's $22 per MWh, or $0.22 per kWh. Still, $10.- per kWh is insane
bepreparedyoumust
No, it’s $0.022 per kWh. Divide mWh by 1000 to get kWh
ControversialLeftistLesbian
Power should be free to consumers. Paid for by millionaires.
abidikgubidik
But energy is how most ultra rich made their money in the first place :-P
xconstellation
Good let’s keep it circulating lmao
ControversialLeftistLesbian
Make the elite obsolete then.
abidikgubidik
Easier said than done. Tried with Bernie, even most dems didn't go for it
jinbee
That's the wholesale market price, the people getting huge bills signed up to a tariff that tracks it, they gambled and lost.
SwarmMaster
So? Why did the wholesale price spike that hard? Oh right, unregulated services failed disrupting supply and causing huge price dislocation.
irontom
as a bonus the reseller actually sent out info that people should switch their tariff ASAP.
HelloMax
BuT CaPiTaLiSm iS Evil...
PicassoCT
The power level is over 9000 $
LompHoofd
technically correct +1
HaveGinWillBabble
whatmakesushuman
Nicely done.
bradendwilliamson5
We've become a very corporate country, this is what happens when the people with money make the rules
Zottel89
but... but... but everything else is EVIL COMMUNISM that will MAKE JESUS SAD, don't you know?
BadPunsAplenty
I fully agree with this statement.
Serenitis
"surge pricing" is just gouging with a more polite name.
QuiteADapperAsshole
Doesn't sound polite to me.
FlavorFinger
Arizona here, we we pay $17/kwh for our highest hour of usage for the month. It basically doubles the bill for 1 hour. Fuck APS
Bystandr
It IS gouging. Disclosing the mechanism is exactly zero mitigation of intent or commission (of the crime of price gouging).
deadman320
Correct me if im wrong but isnt gouging illegal, i remember the pandemic had issues with it but its not talked about now with texas
theshanaman
“Variable rates””Free weekends””Free nights””Green only”...are all terms used for variable rates down here and suddenly you’re out $3000+
TubbaLubbaDubDub
That's why you gotta check the plan and make SURE the ones you are charged for are fixed. I.e. free nights but charged 19c per kwh at day
ShooterMcGrabbin
We need to use our voices to speak right to power-bars and create more surge-protection in our economy am i rite lol ok i'm leaving
Bmxtucker
Reminder that Nevada has enough unused land to fuel the whole continent on solar energy
BlackAssMamaWhiteAssDaddy
Similar to alternative facts, yeah?
JoeT85
You may as well it name it 'Insulin'. Could it be that the people of Texas are just pockets to be picked?
zfournier16
Theft call it what it is
jlhodge17765772
No, it is just gambling. They took the sucker's bet and lost. Could have chosen to take fixed pricing but didn't.
theillicittruth
Agreed
erischilde
Time to stop blaming the people instead of the business. Variable sure, 10000% increases would be unimaginable.
Nachro97
Heartlessness won't be tolerated here, even if you're right to an extent
SheepySleepySmuggler
In this case surge pricing occured because demand exceeded supply - combine that by confusing the units (kWh with MWh) to put...
SheepySleepySmuggler
...price out by a factor of 1000 and it can be treated as garbage. Surge pricing was a symptom of the failure and given that...
SheepySleepySmuggler
...the cause was poor design on the supply side, not directly attributable to electricity pricing (i.e. saving were on build/maintenance...
SheepySleepySmuggler
...which is minimal rather than cost per unit) it misses the point. Capitalism AND regulation worked in other states - maybe...
SheepySleepySmuggler
...capitalism isn't the part that's broken in this case.
chloramphenicolderivative
Surge pricing is fine as long as the price is known at the point of purchase. It serves no function if it isn't known.
ICallBullshit
Whatchu mean? The function it serves is to make fucking money
PerfectManhattanUp
That's one of two factors. It must also be possible that the high price can motivate more providers to sell the good/service. Which is ...
PerfectManhattanUp
Also impossible in this case. So it's doubly bullshit. Tough I do question what would make someone fail to lock in a fixed rate when they...
PerfectManhattanUp
Sign up for electricity. That's just so obviously the right way to go.
chloramphenicolderivative
Especially when you know you aren't going to look at the prices or have any good reason. If I had an electric car I might, since it's 1/2
Tigersterne
Or if it's life and death. I'm fine with toilet paper temporarily being expensive. Heat during a blizzard, not so much
Lanhdanan
Marketing asshats always put lipstick on the pig to make it more palatable.
BobaFettApproves
I wondered why it hot my ear wrong when I heard it. It’s the exact same syllable count as price gouging
JB4T5
Even though pig is delicious without makeup flavor (this means nothing economically, I just like good pork)
Obietrice
I finally understand that episode of Black Mirror now. Thanks.
Euchre
No, they put lipstick on the pig to trick you into eating it, because once you bite in, you find out it still tastes like rotten shit.
Euchre
Marketing doesn't improve a product, it sells it.
TheyCallMeCaptainObvious
Is this considered price gouging during a natural disaster?
imnotsureaboutthat
No. The people who got expensive bills were using a utility company that sells power wholesale. The company told them they expect the price>
imnotsureaboutthat
Of electricity would spike dramatically, and they should switch their utility to someone who isn’t just passing along the market price.
WhichIsIt
Does the wholesaler sell to other utilities? I mean, wouldn’t this price get passed they elsewhere? Or are they direct to consumer only?
menopausemedicine
Utilities typically buy wholesale but residents are insulated from short term spikes. theyd raise rates, but wouldn’t be in a single day
greggor
Most people were not able to switch in time. Other providers were not accepting new customers or had a 3-10 day wait before they could start
imnotsureaboutthat
Sure, idk how they could have predicted it earlier though.
newsguycraigevans
Yeah, most got 24 hours notice and couldn't switch in that time, it was a dick move by the wholesaler.
imnotsureaboutthat
Idk how the wholesaler should have known how hard they would get hit earlier.
furzinderdose
10k per kwh? I don't want to believe that....
hitthatbomb
Good - you shouldn’t, it’s not correct - no context post meant to trigger the Feelers and leave no room for Thinkers.
Basterdsugar
Don't believe it. It's poorly understood by Twitter poster, it's $22 per MWh, or $0.22 per kWh. Still, $10.- per kWh is insane
bepreparedyoumust
it’s $0.022 divide mW by 1000 to get kW
bepreparedyoumust
You are correct to doubt, they have replaced kilowatt with megawatt. They are way off
NextSpark
Even 22 is enormous amount.
Basterdsugar
It's poorly understood by Twitter poster, it's $22 per MWh, or $0.22 per kWh. Still, $10.- per kWh is insane
bepreparedyoumust
It’s $0.022 per kWh, not $0.22
Catoust
Something something, supply < demand, Texas companies have customers pay wholesale. I dunno man, I just lurk here.
TheThingsTheyCarried
Only something like 2% of households in Texas have variable rates. Most people pay a fixed rate
xVVitch
Can confirm.
WizardHarryDresden
Yea i want a source on this claim
shmoisty
https://www.reuters.com/article/us-usa-weather-power-prices-explainer-idUSKBN2AG2KD
shmoisty
https://www.reuters.com/article/us-usa-weather-power-prices-explainer-idUSKBN2AG2KD believe it.
CheeseburgertheSinister
I read the link. It said $11,000/MWh, not kWh.
irontom
Disregarding the error in prices, didn't only people on some plans (with providers that pass on wholesale prices) get those ludicrous bills?
SoundFuture
Yes. Basically about 29k out of state with 11.3 million homes.
bepreparedyoumust
Yes, there is a great deal of misunderstanding of the issues here, not only are the prices 1000x too high in this post, but
bepreparedyoumust
These prices only apply to the utility companies unless you chose Griddy to pass the “wholesale” costs on to you
irontom
I pay less for electricity! I don't care why! I don't care whats a meguhwat! Oh no, now I pay more? Fuck Capitalist exploitation!
LeftRightThere
When you hear companies brag about “profits” what they are really saying is “look how much we kept from paying employees for their efforts!”
Exoticz
Those employees are almost always already paid before the company even sees those profits. Go spew nonsense somewhere else.
LeftRightThere
Yes, people get paid to create products before products are sold... almost as if they invested their time to build up wealth.
Exoticz
There you go :)
LeftRightThere
Then they should be paid with the wealth they’ve created.
Exoticz
Why?
LychFinderGeneral
Profits, by definition, are the excess money skimmed off of an employee's production. They cannot be anything else
sqabbit
Regulation is a necessity in capitalism. Without it you get this shit
jondeere89
Even Adam Smith said there needed to be some regulation.
LowTinaTurner
Nate Dogg and Warren G also echoed this sentiment.
damogen
He had a whole chapter about the awful effects of “landlords” who drain money out of the system without adding any value themselves
Haidere1988
Just remember, corporations arepeople too...most are just sociopaths.
xconstellation
It’s funny cause they actually are treated as people under the law
TheJudgeHasItBackwards
We should start calling it consumer protection instead of regulation.
drunkbs
belaqua84
belaqua84
No economic system is perfect, and we're currently FAR from even ok. The problem is that we need regulations, and harsh punishment for
belaqua84
Taking bribes. HAVE to get rid of Citizens United (that allows corporations to spend money on political campaigns)
DenounceAll
This is crony corporatism plain and simple, nothing free about this market.
EchoWhiskyBravo
Capitalism is my livelihood and I agree 100%. What Texas has done is total bullshit.
[deleted]
[deleted]
anthropogenicentropy
Texas has competing utilities.
Septcanmat
So it does. I rescind my above statement, it was based on a misunderstanding of what ERCOT was based on something I’d read.
[deleted]
[deleted]
[deleted]
[deleted]
Nachro97
Yes but the people for it will claim its capitalism, call you against capitalism (no matter what you say to the contrary), it doesn't matter
Matrican
Yep. That is exactly that. What USA have today is quite far from what capitalism actually is. The biggest factor is the monopolies.
Matrican
I would say that other states today is better examples of a good capitalistic system.
Mokelzwerg
Exactly. Capitalism itself isn’t bad.
Beleg7
Eh, markets aren't necessarily bad. Capitalism is the part where people who own capital get all the returns on other people's labor.
Renafoxtrot
This is capitalism itself. This is unchained, completely free capitalism. Its bad.
iamdanman
Regulatory Capitalism, this shit is unfettered
xKaraKx
Yes it is... alienation of labour, atomization of the community, the inherent threat underlying all capitalism, the idea of an infinite
xKaraKx
Growth system inside a closed FINITE planet, and the imperialism that capitalism necessitates to maintain profits... no matter what type of
xKaraKx
Reform you make its only a matter of years before someone is bought and that reform is destroyed. Weve already seen it worldwide
Mokelzwerg
So what do you propose? Growth doesn’t necessarily mean Ressource exploitation although that’s currently the case.
xconstellation
Not sarcasm, can you please explain how it’s not bad? Because I don’t get that, to me it seems only wrong and greedy.
theoldesttrickinthebook32
There is supposed to be competition willing to provide a service for less profit, but with slaves (China) or monopolies around it gets effd
belaqua84
Capitalism basically says that if you have an idea for a new product, or a way to produce an existing product more economically
belaqua84
then you are able to start a business to make and sell that product. When other companies determine better ways to produce
belaqua84
that product they can try to compete with you. Demand drives production, and the things people choose to buy controls whether or not those
gaidinbdj
Nearly every power grid in the country is privately-owned. The difference is regulation.
gurpr337
Capitalism produces greatest social mobility, equality of opportunity, and wealth for everyone. That said monopolies and corruption suck so
gurpr337
regulations are required. The issue is that the govn is a giant monoply in cahoots with the private monopolies. This is Crony Capitalism.
gurpr337
Solution is to fix the govn instead of blaming the companies that are just doing what the govn says is perfectly legal.
SuperKamiGuru11
Its not the system thats bad its the corruption within it. Pick any other system, introduce corruption, and you get the same result.
xconstellation
Yes but it seems this one is set up to be corrupt.
matthiasfactor
How? Literally every socioeconomic structure can and has been taken over by dictators. How is capitalism any worse?
SuperKamiGuru11
Pick a system from anytime and there will be examples of corruption. Its human nature we gotta regulate really.
Kenman87
For context, the average price in Georgia (three states over) is around $0.12/kWh......
dfloof1191
I pay roughly $0.13/kWh in Michigan.
bepreparedyoumust
Op has the wrong units, they are giving megawatt hour prices, so divide by 1000
ShiftingPattern
Winter prices in Texas are normally just north of $0.12/kWhr not $0.022/kWhr.
bepreparedyoumust
Depends if you are talking “wholesale” price or the price on your bill
ShiftingPattern
For the many Texas households on Griddy, that's the exact same thing.
bepreparedyoumust
That is the whole point of Griddy. You pay “wholesale” it’s good sometimes, terrible other times. They report 29,000 customers out of
SoundFuture
Texas is the same to slightly less. The people who got screwed were paying spot prices, a practice we shouldn't allow without bumpers.
MADchemEE
$0.14228/kWh in Saskatchewan. That's $CDN. So like.. $0.11297/kWh in USD.
rpmerf
Same for the overall price in MD.
stormstereo
Speaking of units. This makes me think of Verizon math. https://youtu.be/MShv_74FNWU
TheSwedishCryptid
In Sweden, it's $0.04/kWh, give or take.
TheSwedishCryptid
was as low as $0.01 for 1 month.
DavidBrooker
I pay $0.062 (CAD) /kWh (about $0.049 USD) for frozen wind turbine electricity
Kenman87
Lol, units are important. There is a big difference between a MW and a kW.....
bepreparedyoumust
Exactly, Imgur loves to talk about how great the metric system is, but then they don’t know how to use it.
SheepySleepySmuggler
To be fair, this is probably from the non-mettic portion of Imgur. Once you convert from Tesla's/Walmart car park to WHrs it's...
SheepySleepySmuggler
...easy to mess up the units.
ThePunishersVengefulBrother
Unit in the post was kWh, unit in response was kWh. Post came from Twitter, suspect that's where the problem lies.
LooseMooseNoose
Is it usually $22/kWh in Texas? - swede here with no clue on American electrical prices
SoundFuture
No. Fixed rate $0.10/kWh is normal. We allowed people to pay spot prices directly, which can be anywhere from negative dollars to thousands.
bepreparedyoumust
No, the OP has the wrong units
Imjustasorrylurker
This post is wrong. It went to $9/Kwh - still high... Not denying that. It was $10,000 per MW which is vastly different.
idonthaveauser
So those people claiming they got a $2000 bill for 1 day for 1 house, didn't actually get a bill, they did some calculations by themselves?
Imjustasorrylurker
They were paying $9/kwh not $10,000/kwh. Can you do math?
zanoii
So which one is it? $9/kWh is not $10,000/MWh.
Imjustasorrylurker
The point is nobody paid $22Kwh OR $10,,000/Kwh for their home electricity like this post is saying.
zanoii
I know. Just wanted it to be clear.
Imjustasorrylurker
It's 2 different pricing for 2 different things. I paid roughly $9/Kwh. The generator pricing went up to roughly $10,000 per MW.
zanoii
Ok, that explains it. Thanks!
Kenman87
$9 is still like 50 times what anyone would expect to pay for electricity in a regulated market.
Imjustasorrylurker
I don't disagree. Just stating that people did not pay $22 or $10,000 per Kwh as the post says.
SheepySleepySmuggler
I suspect the units are wrong - prices quoted appear to be MWh rather than kWh. Average price in Texas is just under $0.12/kWh
seamusmcfly
Yes I pay less than .10/kWh
MoneyForNothing
Yeah and its $0.12 to $9 which is the max. What's the saying? It's the thought that counts not the facts?
finnsto
In Arkansas, my electricity is $0.0799 / kWh. Of course, my heating is all natural gas, which is ~$1.22 / CCF.
idonthaveauser
That doesn't make sense. that would be dividing by 100, not 1000. What about people claiming a $2000 bill for one day? also miscalculated?
SheepySleepySmuggler
There's a systemwide cap around the $9000/MWhr mark in Texas which explains the high side - the average I used was across all utilities...
SheepySleepySmuggler
.. and the one provider (Griddy) used spot market prices that meant huge bills for customers BUT it was a small provider (30k customers)
bepreparedyoumust
Don’t know, the dollar amount is only part of the story, actual use of kWh is the other part.
wargnome
decimal point error, indeed. i read highest they charged was 9$ per KWhr "to reflect higher demand" or similar disgusting excuse
SheepySleepySmuggler
And it was only for a single supplier - the majority of consumer utility companies do not purchase power on the spot market
wargnome
yes, it gets over-read easily. its not trivialising saying that many who in fact had electricity did not have to pay more. it sadly is...
wargnome
just a side note, tho. people froze to death. failures on so many levels.
thoogle
Units are definitely wrong. Also the only consumers exposed to this pricing are those who used Griddy, a retail electric provider which
thoogle
edit (Griddy and variable rate plan customers)
thoogle
gives access directly to the wholesale market with no contract spot pricing. Every two or three years we have stories of people who got
thoogle
caught out during peak demand when prices rise to the regulatory cap, nearly 1000x normal pricing at $9000/MWhr.
thoogle
Wholesale price is usually $ .01-.03 kWhr... capped price is $9/kWhr. Retail prices are $ .06-.15 /kWhr depending on location.
WallyWorldtoo
Wow, In BC Canada our second tier use price is 0.13 Can. if/when I hit it, And I have been complaining on the first tier pricing
bepreparedyoumust
Confirmed, units are wrong, divide prices by 1000
idonthaveauser
So 'normal' price is $0.022/kWh? That doesn't seem right either.
bepreparedyoumust
The wholesale power is extremely cheap at times, but it does up and down every 5 minutes. It’s actually lower than that at this moment
bepreparedyoumust
This gives you prices for each Power Plant real time http://www.ercot.com/content/cdr/html/current_np6788
TubbaLubbaDubDub
Normal for here is between $0.10/kWh and $0.22/kWh. It largely depends on your plan
bepreparedyoumust
$.10 is about right $.22 is way high
GiantAsteroid2021
$22 kWh is NOT an acceptable starting point. Not unless that energy is generated by naked models running a hamster wheel.
Basterdsugar
It's poorly understood by Twitter poster, it's $22 per MWh, or $0.22 per kWh. Still, $10.- per kWh is insane
PianoMan2112
$0.22/kWh is pretty bad, too.
bepreparedyoumust
The correct price is $0.022 per kWh, $22 mWh / 1000 kW per mW equals $0.022
ProfessorVanDiggenSagg
Pretty normal price in EU. DE pays 30 ct/kWh. But than again, I can see that being a problem, if you have to rely on electricity for heating
uberarticuno
We pay 12p per kWh which is fine other than our damn electric radiators, we only use one which costs us about 50p per hour
ProfessorVanDiggenSagg
Some data if you're interested: https://www.cleanenergywire.org/factsheets/what-german-households-pay-power
bepreparedyoumust
It’s not even $.22, it’s $0.022, still off by a factor of 10
DarkZalgo
2 cents per kwh? That would mean it'd have literally the cheapest energy in the entire world, which is far from true.
bepreparedyoumust
Nope the “wholesale” prices really are $0.02 to $0.05 per kwh most of the time. http://www.ercot.com/content/cdr/html/current_np6788
DarkZalgo
Bullshit. Texas is mostly natural gas. Natural gas costs about $.009 per cubic foot, and ten cubic feet can produce 1 kWh. They'd be
PianoMan2112
Can someone just redo #1 using unedited source units of measurement? Showing residential power in MWh is like pricing milk by the hogshead.
bepreparedyoumust
Your home electricity meter measures in kilowatt hours, your average home uses around a megawatt hour per month.
bepreparedyoumust
The “normal” Texas price is $0.022 per kilowatt hour, the maximum is $9.00 per kilowatt hour
bepreparedyoumust
An average home uses say 1000 kilowatt hours a month. So on Griddy you could pay $22 a month in theory, or if the prices maxed out for a
Mokelzwerg
No one said capitalism is noble. It’s a market system & not a bad one. You just need to regulate corporations & hold them the f responsible.
newsguycraigevans
Move on over to Conservative boards. They constantly speak of capitalism being the noble path compared to the evil socialisms.
Mokelzwerg
It’s like comparing apple and oranges
OlderWiser
Most if not all of the Socialist countries so revered on here are capitalist. If not they wouldn't have the money for socialist programs.
SlotegeAllDay
Youre disturbing the echo chamber.
OlderWiser
Yeah I know. I have issues with that.
FlippantJoe
Or just move away from systems that service the rich and hang the people of the nation. Capitalism is Monarchism with extra steps.
Mokelzwerg
No. It’s not. Capitalism enabled innovation & scientific development. We need regulation, that’s all. Monarchy? Wtf. Are u dumb?
Alfadorfox
Name one corporation that's landed a man on the moon like a US government agency did.
Mokelzwerg
Space X will. But Mars. Just wait. Who invented the car? Who invented the plane? State owned companies? No. Try again.
Alfadorfox
My point was that you don't NEED corporations to have innovation, not that they don't innovate. Stop moving goalposts.
SteveTheEgg
It's not just corporations, capitalism trains people to consume useless things, many of which ends up as trash, which pollutes our oceans, /
Mokelzwerg
Regulation
SteveTheEgg
/lands, and air. It takes a person's life away from them with false promises of security. Trading the actual human experience of living for/
Mokelzwerg
Again: Regulation
SteveTheEgg
/one of repetitive tasks, unhealthy food, and mindless greed.
Mokelzwerg
REGULATION