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.
It’s not a cartel risk. It’s a supply and demand equation. More supply means lower prices.
It’s just market prices.
snooggums@midwest.social 4 months ago
UnderpantsWeevil@lemmy.world 4 months ago
Cartels love industries with inelastic demand.
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 4 months ago
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 months ago
Farmers and such are not selling power on the Texas wholesale electric grid, no.
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 4 months ago
Some people ideas of capitalism are so warped.
If there is an energy cartel report them.