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Texas electric firm files for bankruptcy citing $1.8B in claims

reuters.com

201–210 of 281 posts

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#201

Earlier quoted context omitted.

Do the janitors and admin staff hold shares? Ie do they benefit from the companies profits and do they have power over the board and executive teams? If not the shareholders, someone in control of the company should be held accountable to avoid a "company in trouble? oh well, just shut it down, debt go poof, start again elsewhere, pocket the profits" situation or a situation where the company does something like dama…

Do they benefit from wages paid by the company? Why do you draw the line at shares???

Because shares are ownership.

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#202

Earlier quoted context omitted.

Big rainstorms are not news, yet most public sewer systems are totally unequipped to deal with them. Hot days in summer are not news and yet Amtrak is unequipped to deal with them ( http://blog.amtrak.com/2015/06/heat-restrictions ). Around the country, there is a $4.5 trillion infrastructure backlog. https://www.asce.org/templates/press-release-detail.aspx?id=... . Almost all of that backlog is on the plate of publi…

This feels like rapidly shifting goalposts from my statement about energy being local and the local private energy companies cheaping out because they could Yes, a lot of people live in denial. In security-related areas of all kinds where the ROI is largely unobservable loss prevention, that's why leadership-level people know to ask for budget immediately after any incident... because important stuff doesn't get fund…

> This feels like rapidly shifting goalposts from my statement about energy being local and the local private energy companies cheaping out because they could

It's not shifting the goal posts. A company that feeds into a market with 26 million customers is not so "local" that a free market can't work. That's bigger than most countries. And you've offered no evidence that a public utility would not have "cheaped out" on weatherization.

> Yes, a lot of people live in denial. In security-related areas of all kinds where the ROI is largely unobservable loss prevention, that's why leadership-level people know to ask for budget immediately after any incident... because important stuff doesn't get funded otherwise.

Disaster after disaster happens, and important stuff still doesn't get funded in the public sector. There is a $100 billion shortfall in water system funding: https://www.infrastructurereportcard.org/cat-item/drinking_w.... Did the Flint water crises have any effect on that? No. Because political entities that are accountable to voters for water rate increases aren't any more willing to invest in risk mitigation than private companies.

> And agreed, I'm not a superfan of Amtrak. There's a wide spectrum on how to do things.

Most public infrastructure in the United States is run like Amtrak. The D.C. Metro had to shut down automated train control (self-driving), which was a feature built into the system in the 1970s, because they had let the track sensors deteriorate so much. We had to shut down the subway in D.C. for weeks at a time a couple of years ago because it was literally killing people. New York's subway system is in the same sorry state: https://www.vox.com/policy-and-politics/2017/7/11/15949284/n...

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#203
post #112

Earlier quoted context omitted.

I don't know if NYC infrastructure is a good example. The second avenue subway was the most expensive subway in the world on a per mile basis. Considerably more expensive than Paris or Tokyo > The estimated cost of the Long Island Rail Road project, known as “East Side Access,” has ballooned to $12 billion, or nearly $3.5 billion for each new mile of track — seven times the average elsewhere in the world Similarly, t…

I don't understand why so many people assume that public transport needs to cover cost with fares. It provides immense public utility, even to the people who don't use it. It makes perfect sense to subsidize it. And it's not like taxes on cars pay for all their externalities.

Imagine if the trucking industry had to absorb the cost of the roads they damage.

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#204

Earlier quoted context omitted.

And it did. Plenty of Texans were reducing their power usage to the absolute bare minimum once they got word of how expensive power had just become.

Why would retail customers (with fixed rates) worry about it?

https://news.ycombinator.com/item?id=26282500

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#205

Earlier quoted context omitted.

And it did. Plenty of Texans were reducing their power usage to the absolute bare minimum once they got word of how expensive power had just become.

Why would retail customers (with fixed rates) worry about it?

Not all retail customers have fixed rates.

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#206
post #158

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I don't understand why so many people assume that others should pay for the services they consume. Why should a relatively poor upstate new york taxpayer be paying 50% of the fare of some young finance bro going to work? Also removing prices removes information. For instance the ferry costs something like $15 per rider to operate compared to around $5 for subway. With both trips at the same price to the consumer, you…

I don't think the flow of money is from Upstate NY to NYC. And to take your example to it's logical conclusion, we'd end up in an AnCap paradise. Why should I pay for ANY socialized good or service that I don't use. Such as roads to places I'll never go, schools my child doesn't attend, and medical procedures that I don't need?

Size is important in that regard. I have less of an issue paying for socialized goods on a local level than I do at a much larger level. I'm willing to help a neighbor out, but less willing to help out someone on the other side of the earth. Local level is also more transparent and the officials in charge are more likely to be held responsible. I have more access to my mayor than I do my governor.

> roads to places I'll never go

Gasoline tax and toll roads are a good way of linking those who benefit to those who provide the good.

> schools my child doesn't attend

A lot of people move out of high tax neighborhoods when their kids graduate high school. I don't think school should be tied to real-estate anyway because it creates really perverse dynamics (people without money end up going to the worse funded schools). So that model doesn't exactly work well right now

> medical procedures that I don't need

I buy health insurance voluntarily and gladly pay for medical procedures that I don't need on the off chance that I need an expensive medical procedure in the future

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#207

Earlier quoted context omitted.

The infrastructure to produce food is pretty vital, but I think it's also mostly market-driven and works well. I think the issues around power utilities are more to do with a lack of competition, and legislation that creates perverse incentives. (I don't know what the current perverse incentives are, but at least as of 2010, an energy startup founder said[1] that power companies were legislated monopolies that were "…

If you don't like the supermarket or farm, you can shop elsewhere. The infrastructure that brings food to our tables is roads and railways, the power grid which brings electricity to refrigerators and freezers, and water and sewage utilities. A supermarket or a farm are not part of our infrastructure. They may be "vital" but they are not infrastructure. You (as an individual) can't really comparison shop for infrastr…

In your analogy, where the grid corresponds to roads and railways, the equivalent of the supermarket or farm is a wholesale electricity provider or power plant, right?

In Massachusetts you can absolutely comparison shop for specific power plants or sets thereof as an individual, at least to the extent of explicitly picking which generation company your money goes to by default. Of course in the end the way the grid works these companies end up effectively buying electricity from each other as needed... So this analogy only goes so far; supermarkets do not usually buy food from each other, I'd think.

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#209

Earlier quoted context omitted.

Why would retail customers (with fixed rates) worry about it?

Not all retail customers have fixed rates.

Yeah, that's why I added the qualifier. It seems likely that most of the spot load was going to home heating (with less flexible large loads having contracts).

Re: Texas electric firm files for bankruptcy citing $1.8B in claims

#210

Earlier quoted context omitted.

Do they benefit from wages paid by the company? Why do you draw the line at shares???

Because shares are ownership.

Why does that matter? The workers are still profiting off of the company's bad actions.
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