[BiglyCommentary]

I think Abbott’s statement on this prevented some of the shifty ones from trying to use those weasal words in the contracts.

[SSS Two]

The contracts Direct Energy and similar REPs have with their customers prevent them from charging wholesale rates. After all, people like me signed contracts with Direct Energy to remove the risk of large swings in wholesale prices. Furthermore, I would like to think that reputable REPs like Direct Energy secure their expected needs in advance and participate in the wholesale market only at the margins.

It will be interesting to see how the people who signed up to pay wholesale prices will fare. Sure, they saved two cents per kwh in normal times. I could never evaluate the risk on wholesale electricity prices from an extreme event like the winter storm earlier this month. I doubt the people who agreed to pay wholesale rates were able to evaluate that risk either, but it didn't stop them from signing up. Perhaps they counted on going to the media and demanding someone else assume the risk when a major event inevitably occurred.