As a result, NGOs and other regulated utilities operating in the state purchased power in the spot market at exorbitant prices.
Unlike gas costs of $1.357 billion last February, the NGO spent about $222 million on gas purchases for the whole of 2020, documents show.
Last year, Governor Kevin Stitt signed a securitization measure that creates bonds and allows utilities to spread freezer fuel costs over a much longer period, reducing the monthly impact of the load on their clients.
“The artificial 180-day deadlines imposed by the Legislature are no excuse for rushing into bad policy, and the more I study and consider the details of these agreements, the more demons I find,” Anthony wrote in a lengthy dissent.
“AARP has expressed legitimate concerns about so-called ‘securing’ and called for more transparency. Especially if utility management is found to have acted recklessly, utility shareholders should share some of the extraordinary costs, instead of being automatically “repaired.”
“In my opinion, these proposals for taxpayer guaranteed bonds are ill-conceived, unconstitutional and bad for residential taxpayers.
“Worse, they also appear to be an attempt to prevent full and open scrutiny of questionable, even negligent utility management decisions and reckless fuel/service purchases made during the storm, as well as an excuse to fill pockets of special interests on Wall Street. and their local counterparts.