Texas lawmakers on Thursday found themselves on the horns of a power market dilemma: expect lawsuits from utilities and traders if they retroactively cut cold-snap electricity prices, or "cascading bankruptcies" if they do not.
President Joe Biden is nominating former Federal Reserve economist Nellie Liang as the Treasury's Under Secretary for Domestic Finance, the White House said on Thursday.
Texas lawmakers on Thursday found themselves on the horns of a power market dilemma: expect lawsuits from utilities and traders if they retroactively cut cold-snap electricity prices, or "cascading bankruptcies" if they do not.
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(Reuters) - Texas lawmakers on Thursday found themselves on the horns of a power market dilemma: expect lawsuits from utilities and traders if they retroactively cut cold-snap electricity prices, or “cascading bankruptcies” if they do not.
FILE PHOTO: An electrical substation is seen after winter weather caused electricity blackouts in Houston, Texas, U.S. February 20, 2021. REUTERS/Go Nakamura
The state’s grid operator sharply hiked power prices during a February freeze, pushing two power companies into bankruptcy and prompting others to default on bills. Officials this week called for regulator Public Utility Commission (PUC) of Texas to immediately reduce about $16 billion in power prices.
President Joe Biden is nominating former Federal Reserve economist Nellie Liang as the Treasury's Under Secretary for Domestic Finance, the White House said on Thursday.