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Texas has proven that a commitment to market solutions and diverse electrical infrastructure can be a recipe for success. Under the restructuring of the power market and initiatives like the competitive renewable energy zone, we saw investment take off and energy prices fall. Texas has greatly benefitted from its competitive energy market with power prices consistently below the national average. Electricity rates were $0.003 per kilowatt-hour lower than the U.S. average between 2002 and 2017.
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However, February’s extreme weather event demonstrates that work must continue if we hope to capture the advantages of our innovative policies. Never before has the state endured weather that pushed all 254 counties into a state of emergency. Even so, such an event was not entirely unpredictable. Similar events have occurred over the last century that could have, and sometimes did, lead to similar issues, including ....

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