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Here is the latest fallout from the Electric utility deregulation in Texas thanks to the Reagan Republican Movement that started in the 80's to deregulate everything under the sun and let a so called free market control prices. Only problem is the markets are not free, they are being controlled by scoundrels and crooks now, not by a free market, with no government oversight left to keep the crooks in check. They deregulated banks, insurance, lending institutions, credit cards, PENSIONS, utilities like electric service, and now WE are paying the price. They essentially scrapped the Glass - Steagal Act that was put in place during the Great Depression to stop another collapse like the one that started the Great Depression. And now we are seeing the results of that.
Here are the latest bad results from PUC deregulation of electric service in Texas.
http://www.puc.state.tx.us/files/POLR_052908.pdf
http://www.electricitybid.com/elect...ricity-electric-company-no-longer-in-business
"Beginning May 16, the Electricity Reliability Council of Texas (ERCOT) switched approximately 8,400 customers of Pre-Buy Electricity to a POLR. ERCOT has announced beginning Wednesday, May 28, it will switch approximately 15,000 customers of National Power Company to a POLR or another designated retail electric provider (REP). ERCOT initiated these switches because Pre-Buy and National Power defaulted on payment obligations.
Customers that were on a variable rate plan with National Power are being switched to Amigo Energy, which is not a POLR. Amigo has agreed to honor the terms of the customers plan with National Power. Customers on a fixed rate plan will be switched to a POLR."
Thank God they have not privatized Social Security! If they ever do it will no doubt go the way of Enron and Bear Stears.
They can NOT blame this one on the Democrats in Texas.
"Many people may remember a few months ago we saw Riverway Power Company and National Power Company with outstanding low electric rates on the Power to Choose website. They were for 6 month and 12 month fixed electric rate terms and were a couple cents cheaper then the other electric providers. The government Power to Choose website gives any company listed on their a bit of authority as many people including myself assume that the rate must be accurate if the Texas government lists it on their site. This however has not been proven to be true as these two companies sold one thing and then a few months later told their customers, “Sorry looks like we will have to raise that “fixed rate” on you a
few cents higher.”
"This rate hike on a supposedly fixed electric rate had a huge backlash as their energy customers contacted about every consumer protection agency in existence telling them they had been dupped in a bait and switch scheme by a Texas electric provider. The Public Utility Commission of Texas did not take this lightly but instead abruptly took these two electric companies rates off their website. The PUCT made National Power honor their original fixed electric rate they offered their customers and as of today they have gone out of business. Up until National Power went out of business
they were asking customers to stay with them as they would be honoring the original advertised electric rate. Now National Power customers are left searching for another electric provider when the Texas electricity market is close to an all time historical high."
http://www.electricitybid.com/elect...d-it-national-power-is-going-out-of-business/
"Electric companies in Texas work from very small tight margins. When an electric company sells straight MCPE rates as fixed electric rates and do not hedge the price of the energy they either have to eat the loss if the price goes backwards or attempt to pass that cost onto the customer. The PUCT has recently put a stop to allowing electric companies to pass on the cost to the customer. A major problem with National Power company and Etricity Electric provider is that they have $200 - $300 deposits entrusted to them by their customers that these customers will never see again. Another company by the name of Prebuy Electric did not require a deposit but some customers who prepaid for their electricity never received that electricity and were switched to the POLR rate before they could run out their prepaid electric service with PreBuy Electric. A lot of people who really need that money no longer have it. f you are an Etricity customer you have been switched to the Provider of Last Resort by the Texas government and are paying anywhere from 22 - 30 cents kWh.In comparison a cheap 12 month fixed electric rate as of June 4 2008 goes for about 14 - 15 cents kWh. If you were an Etricity customer you need to sign up with a new provider ASAP to avoid paying the 22 - 30 cent kWh rate."
So, my son just received a notice a that his retail electric service provider (REP, National Power) is bailing out of the Texas market, so he is being transferred to the POLR (basically the highest rates in Texas, Provider of Last Resort) which will probably triple his light bill due to summer rates, and the highest summer rates I have seen, in spite of the fact that he
honored his agreements with National Power.
To add insult to injury it seems that Centerpoint Energy (the part of Reliant Energy that handles and services the grid) drags their feet for 6 to 8 weeks doing the switch over of REPs, when all that is involved is reading the meter and switching who gets the paperwork in a computer for billing. So in other words, when you suddenly get raped by your REP on the electric rates (something I ran into this month myself) and want to "Choose" a new provider in Texas, the www.powertochoose.org becomes www.powertoRAPE.org , or maybe we should call it power to get screwed, as they drag their feet for 6 to 8 weeks forcing you pay the old providers rates and highest rates for another 6 to 8 weeks when they suddenly decide to raise rates. But if the current REP goes out of business, they switch you over immediately.
Hmmm?
So why can't they do all the switch overs immediately?
If you are, or have been screwed over by your REP recently, here is where you can file a complaint to the PUC. Probably a waist of time as the PUC is probably controlled by TXU and Reliant (Free Market, hands off....), but at least our complaints can be viewed by the news media (public access to complaints history and data) and broadcast on news stories that can affect the next and future elections.
https://www.puc.state.tx.us/WebApp/Public/Apps/complaint/pgComplaintForm.asp?TXT_ACTION=2
http://www.puc.state.tx.us/files/POLR_052908.pdf
"An ex-employee at NPC has provided some information on the status of National Power as of today (June 6 2008). Apparently they are shredding documents. This may be a good or bad thing. Since all their customers credit card information is on file in hard copy they may be trying to destroy that information so that no one steals your information. If that is the reason then good for them. They only have a couple accountants left there and a few phone customer support people. According to the ex-employee they are going to tell you whatever they have to in order to collect your balance.
From the employees and customers of National Power’s experience, NPC has been lying to collect balances due. Be careful when speaking with them in being lured into them telling you what they have to to get you to
pay up. They broke your fixed electric rate agreement, not the other way around."
found at:
http://www.electricitybid.com/electricity/index.php/2008/06/06/shredding-documents-at-npc/
"The latest issue I have seen is with Texas Retail Electric Providers requesting that you sign a 12 month contract to be on their variable rate. The issue we have with this is that these energy companies are working with a base energy rate that they do little in the form of hedging. This means if the rate skyrockets they pass that issue on to you and you end up
paying a really high bill one month when the variable market goes through the roof. To request that the customer sign a contract to a rate they have no guarantee on is a bit insulting to me."
Bear Stears:
http://www.thestreet.com/funds/followmoney/10372963.html
" Bear Stears executives, Greenberg, Molinaro, Cayne and Spector sold $57 million of stock before the crisis hit."
Here are the latest bad results from PUC deregulation of electric service in Texas.
http://www.puc.state.tx.us/files/POLR_052908.pdf
http://www.electricitybid.com/elect...ricity-electric-company-no-longer-in-business
"Beginning May 16, the Electricity Reliability Council of Texas (ERCOT) switched approximately 8,400 customers of Pre-Buy Electricity to a POLR. ERCOT has announced beginning Wednesday, May 28, it will switch approximately 15,000 customers of National Power Company to a POLR or another designated retail electric provider (REP). ERCOT initiated these switches because Pre-Buy and National Power defaulted on payment obligations.
Customers that were on a variable rate plan with National Power are being switched to Amigo Energy, which is not a POLR. Amigo has agreed to honor the terms of the customers plan with National Power. Customers on a fixed rate plan will be switched to a POLR."
Thank God they have not privatized Social Security! If they ever do it will no doubt go the way of Enron and Bear Stears.
They can NOT blame this one on the Democrats in Texas.
"Many people may remember a few months ago we saw Riverway Power Company and National Power Company with outstanding low electric rates on the Power to Choose website. They were for 6 month and 12 month fixed electric rate terms and were a couple cents cheaper then the other electric providers. The government Power to Choose website gives any company listed on their a bit of authority as many people including myself assume that the rate must be accurate if the Texas government lists it on their site. This however has not been proven to be true as these two companies sold one thing and then a few months later told their customers, “Sorry looks like we will have to raise that “fixed rate” on you a
few cents higher.”
"This rate hike on a supposedly fixed electric rate had a huge backlash as their energy customers contacted about every consumer protection agency in existence telling them they had been dupped in a bait and switch scheme by a Texas electric provider. The Public Utility Commission of Texas did not take this lightly but instead abruptly took these two electric companies rates off their website. The PUCT made National Power honor their original fixed electric rate they offered their customers and as of today they have gone out of business. Up until National Power went out of business
they were asking customers to stay with them as they would be honoring the original advertised electric rate. Now National Power customers are left searching for another electric provider when the Texas electricity market is close to an all time historical high."
http://www.electricitybid.com/elect...d-it-national-power-is-going-out-of-business/
"Electric companies in Texas work from very small tight margins. When an electric company sells straight MCPE rates as fixed electric rates and do not hedge the price of the energy they either have to eat the loss if the price goes backwards or attempt to pass that cost onto the customer. The PUCT has recently put a stop to allowing electric companies to pass on the cost to the customer. A major problem with National Power company and Etricity Electric provider is that they have $200 - $300 deposits entrusted to them by their customers that these customers will never see again. Another company by the name of Prebuy Electric did not require a deposit but some customers who prepaid for their electricity never received that electricity and were switched to the POLR rate before they could run out their prepaid electric service with PreBuy Electric. A lot of people who really need that money no longer have it. f you are an Etricity customer you have been switched to the Provider of Last Resort by the Texas government and are paying anywhere from 22 - 30 cents kWh.In comparison a cheap 12 month fixed electric rate as of June 4 2008 goes for about 14 - 15 cents kWh. If you were an Etricity customer you need to sign up with a new provider ASAP to avoid paying the 22 - 30 cent kWh rate."
So, my son just received a notice a that his retail electric service provider (REP, National Power) is bailing out of the Texas market, so he is being transferred to the POLR (basically the highest rates in Texas, Provider of Last Resort) which will probably triple his light bill due to summer rates, and the highest summer rates I have seen, in spite of the fact that he
honored his agreements with National Power.
To add insult to injury it seems that Centerpoint Energy (the part of Reliant Energy that handles and services the grid) drags their feet for 6 to 8 weeks doing the switch over of REPs, when all that is involved is reading the meter and switching who gets the paperwork in a computer for billing. So in other words, when you suddenly get raped by your REP on the electric rates (something I ran into this month myself) and want to "Choose" a new provider in Texas, the www.powertochoose.org becomes www.powertoRAPE.org , or maybe we should call it power to get screwed, as they drag their feet for 6 to 8 weeks forcing you pay the old providers rates and highest rates for another 6 to 8 weeks when they suddenly decide to raise rates. But if the current REP goes out of business, they switch you over immediately.
Hmmm?
So why can't they do all the switch overs immediately?
If you are, or have been screwed over by your REP recently, here is where you can file a complaint to the PUC. Probably a waist of time as the PUC is probably controlled by TXU and Reliant (Free Market, hands off....), but at least our complaints can be viewed by the news media (public access to complaints history and data) and broadcast on news stories that can affect the next and future elections.
https://www.puc.state.tx.us/WebApp/Public/Apps/complaint/pgComplaintForm.asp?TXT_ACTION=2
http://www.puc.state.tx.us/files/POLR_052908.pdf
"An ex-employee at NPC has provided some information on the status of National Power as of today (June 6 2008). Apparently they are shredding documents. This may be a good or bad thing. Since all their customers credit card information is on file in hard copy they may be trying to destroy that information so that no one steals your information. If that is the reason then good for them. They only have a couple accountants left there and a few phone customer support people. According to the ex-employee they are going to tell you whatever they have to in order to collect your balance.
From the employees and customers of National Power’s experience, NPC has been lying to collect balances due. Be careful when speaking with them in being lured into them telling you what they have to to get you to
pay up. They broke your fixed electric rate agreement, not the other way around."
found at:
http://www.electricitybid.com/electricity/index.php/2008/06/06/shredding-documents-at-npc/
"The latest issue I have seen is with Texas Retail Electric Providers requesting that you sign a 12 month contract to be on their variable rate. The issue we have with this is that these energy companies are working with a base energy rate that they do little in the form of hedging. This means if the rate skyrockets they pass that issue on to you and you end up
paying a really high bill one month when the variable market goes through the roof. To request that the customer sign a contract to a rate they have no guarantee on is a bit insulting to me."
Bear Stears:
http://www.thestreet.com/funds/followmoney/10372963.html
" Bear Stears executives, Greenberg, Molinaro, Cayne and Spector sold $57 million of stock before the crisis hit."
:tears: :bawl: :tear: :rattle: 
