AUSTIN, Texas — With nearly 4 million Texans without power because of the winter storm that slammed Texas, demand for energy is historically high. The demand has exceeded the supply the state has to offer.
As a result, the Public Utility Commission of Texas held an emergency meeting on Monday where officials introduced an order that would adjust energy prices, according to KVUE, our sister station in Austin.
Your bills, that will already be higher because of the bitter cold, will stay that way beyond winter.
"Energy prices should reflect scarcity of the supply. If customer load is being shed, scarcity is at its maximum, and the market price for the energy needed to serve that load should also be at its highest,” the order said in part.
The order also stated that The Electric Reliability Council of Texas (ERCOT), the organization that monitors Texas' power grid, should correct any past prices to reflect the current shortage of energy.
However, there are caps in place in the order to make sure consumers are protected from skyrocketing prices.
Prices have been raised in the past during heat waves that challenged the grid.