Didn't ERCOT allow the Texas energy resellers to "recoup" the winterstorm losses (running into billions) from their customers over a decade? That increase was not primarily driven by inflation, but by good old socialization of losses while privatizing profits.
And energy price inflation drives inflation in other sectors, again, irrespective of what is driving the energy price inflation itself.
Yes, but I never argued it's not inflation.
Most suppliers lean on the crutch that costs have gone up for them (due to supply constraints or inflation) so it can get recursive: some consumer price increases are driven by inflation - the most obvious being inflation of fuel increasing the price of shipping.
The price increases on the Texas energy market deserves a special call-out because it's a hypocritical corporate bailout with public money on a so-called open energy market, without fixing the root cause. Throw in once-a-century storms happening every decade, and you got a stew going.
Texas generates more wind energy than any other state (in gigawatthours). I'm unsure if any other state has a higher percentage of their total production in wind. Texas is around 20% of total in wind on ongoing basis (and another few percent in solar).
During recent heatwave solar and wind provided nearly 40%, " Several experts told CNN that it's owed in large part to strong performances from wind and solar, which generated 27 gigawatts of electricity during Sunday's peak demand -- close to 40% of the total needed."
Source: https://www.cnn.com/2022/06/14/us/texas-energy-record-solar-...
I had solar installed on our house last year - just before supply chain issues got really bad - and so far this summer, it's generated enough to power our house every day. Of course, not every circuit is connected to it though, so I get to deal with the bs of "net billing" but the capacity is there.
Says the guy who can’t spend 2 seconds searching.
Energy prices at least doubled in Texas. And was relatively stable 2016 through mid 2021
Most energy companies ran into losses, but the supervising authority approved loss recovery via price increases over a number of years.