While Winter Storm Uri has come and gone, the financial impact will be felt by Texans for the next thirty years.
According to a new report from Forbes, Texas ratepayers "are on the hook for at least $10.1 billion in debt that was incurred during the deadly February 2021 storm, and they will be paying off much of that debt for the next 30 years. Texas consumers will have to repay at least $10.1 billion in debt related to the storm and the state's mismanagement of its most important energy network."
This amount could increase even higher thanks to a large number of lawsuits that have been filed against gas and electricity providers as well as ERCOT, the state's electric grid operator.
Forbes claims that $6.7 billion in bonds have already been issued to pay for costs incurred by utilities during the storm, which is only set to increase.
Texans will be hit in the hip pocket with these costs. Already energy prices in some areas of Texas have increased by 230% over the last 12 months, and costs are expected to increase even more thanks to a record-breaking summer of extreme heat. When coupled with the huge debt thanks to Winter Storm Uri, unfortunately, Texans will need to get used to paying higher costs for their energy,
Are you finding it hard to keep up with the rising energy prices? Do you believe it's fair for Texans to pay off additional debt due to the power grid failing last year?
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