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Tomlinson: Leaked recording reveals Texas will not overhaul electricity grid after deaths
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While Texans Stressed About Energy Bills, A Top Regulator Sought To Protect Investors Who Profited From The Winter Storm
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The Lege This Week: Who Cancels the Cancellers?
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Why?
The majority of Texas residents are on a fixed-rate plan, where the price per kilowatt hour (kWh) is locked in, and the bill is based on usage. However, some are on what s called a variable-rate electricity plan, where the price paid per kWh used fluctuates based partly on the wholesale price of electricity, could see sky high bills in the next month or so due to the sharp escalation of wholesale electricity prices during last week s winter storm.
According to the plan comparison website ElectricityPlans.com, market watchers estimate 25-30% of Texans are on a variable-rate plan. People on a fixed-rate plan have made the conscious decision to sign a contract with a retail electricity provider, said Rebecca Bridges with ElectricityPlans.com, and to maintain that contract year after year, or to shop every year for a new provider.
Associated Press
The U.S. Treasury s Office of Foreign Asset Control says that Exxon Mobil must pay a $2 million penalty for allegedly violating sanctions on Russia.
Last October ExxonMobil CEO Darren Woods delivered news to his staff that he had hoped to avoid: the company had been hit hard enough by low prices and the Coronavirus downturn that it would have to cut employees.
This came after the Texas-based oil major and once the third largest company in the world had reported three straight quarters of losses totalling more than $1 billion. Throughout 2020, as oil prices fell to historic lows, ExxonMobil slashed spending, halted some international projects, and eventually announced it would cut 700 employees from its Houston workforce.