Cato Energy Expert Warns Texas Rate Freeze Could Discourage New Power Plants
With Texas Gov.-elect Gina Hinojosa proposing to freeze residential electricity rates, I wanted to share the following statement from the Cato Institute’s Travis Fisher. Travis warns that price controls could further discourage investment in new power plants and argues that Texas should instead embrace private electricity generation through its “Bring Your Own Power” approach.
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Statement from Travis Fisher:
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Freezing electricity rates won’t solve the problem of rising power bills. Price controls don’t make electricity any cheaper to produce, and they could make matters worse by discouraging investment in the new power plants Texas needs. It’s a political Band-Aid that allows the underlying problems to fester.
Power plants are expensive to build, and investors need to know they’ll have a chance to recover those costs over decades. That’s a hard sell when politicians keep changing the rules of the electricity market. Companies considering new plants in Texas have to wonder what the next legislative session will bring. This kind of political ping-pong is part of why attracting investment in new generation has become so difficult.
Texas should be making it easier to build new power plants, not interfering with electricity prices. One way to do that is to embrace ‘Bring Your Own Power’ and allow businesses to build private electricity grids without arbitrary limits on their size or the number of customers they serve. Let companies generate and pay for their own electricity rather than forcing those costs onto existing ratepayers. That’s a real solution that will enable Texas to meet rising electricity demand without price spikes. As we learned from the 1970s, price controls create nothing but shortages and frustration.
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If you’re interested in speaking with Travis about the proposed rate freeze, its implications for electricity investment, or the “Bring Your Own Power” approach, please contact Cato PR at pr@cato.org.
Source: https://www.cato.org/news-releases/cato-energy-expert-warns-texas-rate-freeze-could-discourage-new-power-plants
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