Texas is the poster-child for deregulation of electric services. We were warned that if we didn’t get deregulation, we would have skyrocketing rates, reduced services, and brownouts. Well, we have deregulation, and our rates are almost 100% higher than other states, we have less generation facilities and we’ve had our first brownouts. The utility companies are making disclosed profits of 35%, higher than the pharmacutical companies or Exxon/Mobil (the favorite high-profit whipping boy).
Utilities do not work like other companies. There’s so little actual competition that deregulation amounts to a license to steal. I should know - I live in Texas.
If prices are CAPPED, it is NOT “deregulated”.
Our prices were capped in ‘99 to 199*3* rates - not at all fair, sorry! They lost money in ‘99 basically and kept losing as costs actually got worse. And because prices were capped (never mind other regulations), no competition came in!
The all-important “consumer” of course, was fine paying pennies. Then the sunset comes up, and all hell broke loose.
Communism just doesn’t work.
Prices go up; it’s not shocking in this heavily regulated world.
While I’d rather we still had plain BG&E (1 of the greatest companies there could’ve been), I’ll back Constellation on this. I hope they can kick some butt, because MD needs kicking.