The ERCOT Deep Dive: "The E-Z payment plan"

Video Credit: ABC 25 News KXXV
Published on August 13, 2021 - Duration: 03:40s
The ERCOT Deep Dive: "The E-Z payment plan"

The ERCOT Deep Dive: "The E-Z payment plan"

"IT WAS, IT WAS HORRIBLE.

ITWAS SIMPLY HORRIBLE THAT THATREE THERE WAS SPLIT MATH.."LISA ADAMS SAYS THE TEXAS DEEPFREEZE ADDED INSULT TO IURNJWHEN THE POWER BILL CAME DUE."AND WE DIDN'T GETNY AELECTRICITY FOR EIGHT DAYS,BUT WE STILL GOT CHARGED FOR,LIKE WE HAD IT TWICE OVER.."LOTS OF FOLKS SAW BILLS THATDOUBLED, TRIPLED AND MORE.RUSSELL DEVORSKY, LOST62-HUNDRED DOLLARS AS ACUSTOMER OF A OTSP ENERGYSUPPLIER CALLED "GRIDDY".

"IWAS PAYING A NICKEL A KILOWATTHOUR.

IT WENT FROM A NICKEL TO$9 AND THE SECOND DID THE $9MANDATE EXPIRED AT MIDNIGHT,IT WENT TO NEGATIVE XSICENTS.." TEXAS ARTIFICIALLYRAISED PRICES TO COAX MOREJUICE INTO THE POWER LINES...AND LEFT THE PRICE THERE THREEDAYS.

A WATCHDOGGE ANCY SAYSIT RESULTED IN 16 BILLION INOVERCHARGES.

GOVERNMENTLEADERS, AT FIRST, PROMISED ARESCUE, WHICH MANY TOOK TOMEAN BILL FORGIVENESS.

TEXANSSHOULDOT N BE SUBJECTED TOSKYROCKETING ENERGY BILLS, DUETO DUE TO A SPIKE IN THEENERGY MARKET.." "CLEARLY THEPUC CHAIR HAS THE POWER TOCORRECT THE PRICING." MOSTTHOUGHT TEXAS WOULD MAKEAL WSTREET TAKE A LOSS ON PAPER.BUT BOND MONEY PROVIDES THEOIL THAT KEEPS THE TEXASECONOMY ROLLING.

THE STATE'SLEADERS CAME UP WITH "SORT OFA RESCUE PLAN".

BUT INSTEAD OFA BAILOUT.... THOSE ONHE THOOK FOR OUTRAGEOUS BILLS GOTAN EASY INSTALLMENT PAYMENTPLAN, DESIGNED TO GET POWERCOMPANIES THEIR MONEY RIGHTAWAY, WHILE THE BOND MARKETHOLDS THE NOTE, AND MAKES ITSCUT... AS CUSTOMERS WRITE ACHECK FOR A LITTLE EXTRA EACHMONTH.

IT'S ALL CONTAINED INHOUSE BILL 1520 WHICH THEGOVERNOR SIGNED INTO LAW.DEVORSKY PAID HIS 62-HUNDREDDOLLAR DEBT OUT OF HIS OWNPOCKET.

HE CALLS THE TEXAS"EASY PAYMENT PLAN" TOOLITTLE... TOO LATE.

"AND SO,INSTEAD OF TAKING ALL THEMONEY FR MOME AT ONCE.

I'LLLET YOU MAKE 200 PAYMENTS, DOYOU KNOW THAT'S LIKE GOING TOA JOHNNY REPO CAR LOT IN $1 ADOWN ON $1 A DAY FOR THE RTESOF YOUR LIFE.

THAT DOESN'T FIXANYBODY'S PROBLEM.." POLITICALEXPERTS CALL BAILOUTSUNPOPULAR, EVEN IN THIS CASE.ECOMONIST DR. RAY PERRYMANSAYS THE LOAN PLAN PAYS THEPOWER COMPANIES, GETSTAXPAYERS MOSTLY OFF THE HOOKAND GIVES THOSE AFFECTED, SOMEBREATHING ROOM, MAKING IT THEBEST OPTION.

"ESPECIALLY IN ASTATE LIKE TEXAS WHERE YOUHAVE THE TYPE GOVERNMENT TTHAHAS TO RECOUP THAT REVENUE INSOME WAY.

SO ONE WAY FORANOTHER CONSUMERS WERE GOINGTO END UP PAYING FOR IT.

THELONG TERRM BOND SITUATION IS AGOOD WAY TO HANDLE THISBECAUSE IT PUTS THE FULL FAITHANCRD EDIT OF THE STATE BEHINGTHE BONDS WHICH GIVES THEM AVERY ATTRACTIOVE INTERESTRATE.." BUT DID THE GOVERNNORDO POWER COMPANIES A FAV,ORGETTING THEM PAID FASTER... ASPAYBACK?

THE ASSOCIATED PRESSFOUND, THE ENERGY BUSINESSTHAT FAILED US, PUT 26 MILLIONDOLLARS IN THE GOVERNOR'SPOCKET, MAKING UP MORE THAN 17PERCENT OF HIS 150 MILLIONDOLLAR, POLITICAL FUND.

THEGOVERNOR;S PEOPLE SAY, HESTAYS INDEPENDENT OF HISDONORS.

DEVORSKY SAYS, THECAPITOL CHOSE BIG BUSINESSOVER THE LITTLE GUY.

"THEYCHOOSE WALL STREET OVERWORKING TEXANS, AND LETWORKING TEXANS DIE.

SO THEWALL STREET BANKERS COULD RAKEIN BILLIONS.

THAT'S, THATTHE STONE IN MY CRAW." LISAADAMS, AND OTHERS SHAKE THEIRHEADS AND CALL IT THE KIND OFINSIDER BUSINESS AS USUAL...THAT GOT VOTERS TO SEND DONALDTRUMP TO "DRAIN THE SWAMP"ND ALATER STORM THE U.S. CAPITOL.ALL THE GOVERNMENT HAD TO DO,THEY SAY, WAS KEEP THEDISASTER FROM GETTING SO BADIN THE FIRST PLACE.

"I WLDOUHAVE LIKED TO HAVE SEEN.EVERYBODY'S POWER BILL NOT BESO HI BECAUSE I KNOW THAT,OU YKNOW, IT JUST WENTSKYROCKETED.

." SHE, ANDOTHERS SAY, IT AS DDTO THEIRMISTRUST OF POLICIANS INGENERAL, FOR LETTING ITHAPPEN... AND FOR COMING UPWITH A PAYMENT PLAN THATBENEFITS BIG POLITICAL DONORS.IN HOLLAND, DENNIS TURNER 25NE

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