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Texas power prices briefly soar 1,600% as a spring heat wave is expected to drive record demand for energy (fortune.com)

submitted 6 months ago by pro_grammer@programming.dev to c/technology@lemmy.world

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[+] Wanderer@lemm.ee -8 points 6 months ago (2 children)

It's not a cartel risk. It's a supply and demand equation. More supply means lower prices.

It's just market prices.

[–] UnderpantsWeevil@lemmy.world 8 points 6 months ago (1 children)

It’s not a cartel risk. It’s a supply and demand equation.

Cartels love industries with inelastic demand.

It’s just market prices.

Markets aren't magic. Prices are a consequence of human decisions. And if you can withhold electricity from the grid to maximize returns (by forming a cartel with other producers) you can drive those prices up when people can least afford to reduce consumption.

[–] Wanderer@lemm.ee -2 points 6 months ago (1 children)

Isn't it tonnes of different people, farmers and such. Too many for a cartel to form. Reducing supply is just going to mean to make less money.

Batteries are making the grid a lot more elastic.

[–] UnderpantsWeevil@lemmy.world 4 points 6 months ago (1 children)

Isn’t it tonnes of different people, farmers and such.

Farmers and such are not selling power on the Texas wholesale electric grid, no.

Reducing supply is just going to mean to make less money.

Because fossil fuel supplies are limited, you can often make more money selling a small amount onto the market at a high price than a large amount onto the market at a low price.

[–] Wanderer@lemm.ee -3 points 6 months ago (1 children)

Some people ideas of capitalism are so warped.

If there is an energy cartel report them.

[–] UnderpantsWeevil@lemmy.world 1 points 6 months ago (1 children)

If there is an energy cartel report them.

I'll notify Ken Paxton right away. I'm sure he'll get right on it.

[–] Wanderer@lemm.ee -4 points 6 months ago

Well done. Don't forgot to attach your evidence.

[–] snooggums@midwest.social 6 points 6 months ago

So weird that other states are able to avoid such ridiculous price swings and are able to mitigate most of the downtime caused by extreme weather disruptions than Texas is unable to handle.