ToplineThe downside of an independent energy market left millions of Texans without power for days and is now spooking some residents with five-figure energy bills, as Texas lawmakers look to investigate the failures of the nation's only state-operated power grid. The resulting resolution helped hike up energy prices to the limit of $9,000 per megawatt hour for about five days–180 times the average hourly rate before the storm, Reuters reported. "Because energy prices should reflect scarcity of the supply, the market price for the energy needed to serve load being shed in the face of scarcity should also be at its highest." Tangent"Texas friends-TAKE YOUR ELECTRIC BILLS OFF AUTO-PAY," one Twitter user wrote Friday, noting that her bill was already 8 times the normal monthly charge with 25 days still left in the billing cycle. Further ReadingGriddy Customers face $5,000 electric bills for 5 freezing days in Texas (Dallas Morning News)The Two Hours That Nearly Destroyed Texas' Electric Grid (Bloomberg)

Source: Forbes February 20, 2021 19:52 UTC