In 2002, under the auspices of Senate Bill 7, Texas opened much of the state to retail electric competition. Complaints and prices increased soon afterward. In 2007, the state’s largest electric company was acquired in a controversial multi-billion-dollar buyout. The CEO walked away with more than $200 million, while the new company now faces bankruptcy. In 2008, one of the state’s largest transmission and distribution utilities began charging customers for non-existent taxes. The price tag so far: more than $500 million.
You can find these startling facts and more in a new interactive timeline from the Texas Coalition for Affordable Power. The timeline begins with the origins of the Texas electric deregulation law, details changes in retail electricity prices, and documents efforts by power companies to secure big subsidies. Also learn about these milestones in two companion reports from TCAP: Deregulated Electricity in Texas and The Story of ERCOT. Both reports can be found on the TCAP website. The timeline can be found here.
Is a policy analyst for TCAP, a coalition of cities and other political subdivisions that purchase electricity in the deregulated market for their own governmental use. Because high energy costs can impact municipal budgets and the ability to fund essential services, TCAP, as part of its mission, actively promotes affordable energy policies. High energy prices also place a burden on local businesses and home consumers.