TEXAS, USA — Texas Gov. Greg Abbott called an emergency meeting Saturday to address the spike in electricity bills due to the impact of the winter storm.
In a statement, Abbott said, "It is unacceptable for Texans who suffered through days in the freezing cold without electricity or heat to now be hit with skyrocketing energy costs."
The emergency meeting will include Lieutenant Governor Dan Patrick, Speaker Dade Phelan and members of the state's legislature.
Electricity supply and demand in Texas has gone back to normal operations, but when it out of whack over the past several days, the cost of power in the wholesale market went crazy.
It went from about $50 per Megawatt to $9,000. That didn’t affect many retail customers because they were on a fixed-rate plan.
But if you were on a variable or indexed plan, your rate — and therefore, your electric bill — may have skyrocketed.