Just Energy Group Inc. (Canada) T.JE

Texas votes on rolling back energy prices today

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Rolling back the power prices would ease the financial squeeze on companies facing astronomical bills in the wake of the energy crisis that left millions of people in the dark and dozens dead during a historic winter storm. The state’s power market faces a $2.4 billion shortfall and at least two electric companies have filed for bankruptcy. “Correcting this $16 billion error will require an adjustment, but it is the right thing to do,” Texas Lieutenant Governor Dan Patrick said in a statement posted on his website. “It will ultimately benefit consumers and is one important step we can take now to begin to fix what went wrong in the storm.” Most of the Texas Senate expressed support for reversing the charges as well. On Tuesday, 28 senators including Republicans and Democrats sent a letter to the Public Utility Commission of Texas asking the agency to order the state grid operator to correct the prices.