Austin (WBAP/KLIF) – Texas lawmakers are inching closer to approving some $7-billion in ratepayer-backed bonds to address the financial fallout from February’s winter storm. The hefty figure is much higher that what utilities requested, according to the Texas Tribune, and higher than monies approved for Hurricanes Ike and Harvey combined.
The proposed bills aim to allow gas companies and electric co-operatives to issue bonds, with the state’s promise that Texans would see an extra charge on their utility bills to pay for them.
Texas leads the pack for this type of bailout known as as ‘securitization.’
The bills would help gas companies that were forced to buy natural gas for residential customers at soaring prices during the winter storm.
The current legislative session ends next Monday.
(Copyright 2021 WBAP/KLIF 24/7. This report contains material from the Texas Tribune.)
