The Issue:
The Solution:
Here’s a simple idea: if you get busted for taking someone else’s money, you should be required to give it back. Sounds like common sense and it is.
But until recently, there was nothing in Texas law requiring an electric generator found to have committed violations in the wholesale market to pay back their ill-gotten profits. Because of this loophole, an electric company that allegedly manipulated the market in 2005 managed to pocket nearly $4 million — even after paying a settlement to regulators. (You can click on the image above to watch a video touching upon the issue.)
House Bill 2133, adopted during the most recent session of the Texas Legislature, will go a long way toward fixing this problem. Besides giving regulators the ability to order companies found to have manipulated the energy market (a la Enron) to pay back the money, it also seeks to return that money to consumers.
To learn more about the most recent Texas Legislative session and the outcome of bills of interest to Texas consumers, please visit http://rechargetexas.com/what-you-can-do-about-it/electric-consumers-and-the-82nd-texas-legislature-bills-of-interest/
