Texas’s deregulated electricity market left millions in the dark last week. For the past 20 years, its consumers have paid more for their electricity than state residents who are served by traditional utilities, a WSJ investigation found.
On January 1, 2002, the Republican-controlled Texas Legislature and then-Governor George W. Bush deregulated power generation, stopped using regulated power utility companies, and left its consumers to purchase power from retail power companies rather than a local utility. They called its new policy “customer choice,” and formally stated the reasons for the new law:
“The legislature finds that the production and sale of electricity is not a monopoly warranting regulation of rates, operations, and services and that the public interest in competitive electric markets requires that, except for transmission and distribution services and for the recovery of stranded costs, electric services and their prices should be determined by customer choices and the normal forces of competition.”
Republicans argued (as they typically do) that deregulation would save Texas consumers enormous sums of money, as the power of a free marketplace would force power providers to offer more competitive pricing.
Bullshit.
The recent winter storm caused widespread power, water, and heat loss across the state as a direct result of deregulation. At the same time, private Texas utilities jacked up their rates to the legal maximum of $9,000 per megawatt hour. As a result, individual consumers accustomed to paying “around $30 for electricity” have been billed as much as $5,000 during a five-day period, and nearly $17,000 for the month.
Nevertheless, Texas Republicans are still claiming that the benefits of deregulation justify the occasional deadly risk, because Texans would supposedly have had to pay much more for reliable regulated power.
Again, bullshit.
“Deregulated Texas residential consumers paid $28 billion more for their power since 2004 than they would have paid at the rates charged to the customers of the state’s traditional utilities.”
Deregulation has led not only to disastrous power failures and astronomical prices in the worst possible weather, but also to higher prices overall. Exactly the opposite of what Texas Republicans repeatedly promised their constituents.
But hey, the private power utilities who collected that extra $28 billion dollars-and who won’t be held liable in any way for their failure to deliver power during the storm--are probably pretty happy about it.
Reaction to the $26 billion Rogers-Shaw merger in Alberta was mixed on the day it was announced.
Bob Schulz, a professor at the University of Calgary’s Haskayne School of Business, called the merger a “win-win.”
“It’s a blockbuster deal for Canada, but it could be the rising (rural telecommunications) star for the world in the developing countries that we actually test here,” Schulz said…
Understanding Connection Between Customer Choice and Your Conversion
Understanding Connection Between Customer Choice and Your Conversion #CRO
The ultimate goal of any business is to make a profit. This is usually obtained through sales. Hence the following assumption may be made: the more sales your business makes, the higher your revenue will be. But does this rule of positive correlation apply to every concept within the business world? Multiple studies have shown that ‘the more, the merrier’ may not be the case when it comes to…
Lack of choice in shops stops British consumers buying British
Lack of choice in shops stops British consumers buying British
If retailers only stock foreign made items, then mostly consumers will only buy foreign made items. Most will I guess not be willing to go to the trouble of shopping elsewhere, such as on the internet, to buy British. Let me give you some examples:
I popped into Tesco in Yiewsley to buy a bar of soap – not one single bar of soap for sale in Tesco was made in the UK.
Waitrose food labelling scam - Waitrose supermarkets stops telling customers where their products are made
Waitrose food labelling scam – Waitrose supermarkets stops telling customers where their products are made
I am deeply disappointed with Waitrose / John Lewis because they no longer label where all their own brand foods and other products come from, either on the products themselves or on their website. I was in Waitrose in Reading the other day (27th October 2015) and as usual checked the packaging of what I was buying to make sure it was made or grown in the UK and I noticed that Waitrose no longer…
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