Will State Correct A Big Mistake In What Texans Paid For Electricity?
We first reported in June about some so-called “fake profits” in the Texas energy industry that led to a multi-million dollar windfall for some companies. We have been following up to see what can be done to reimburse consumers for what some experts call a serious mistake in pricing electricity.
In June, News 88.7 reported how a data error may have caused a very big mistake. It was in the computer system that’s used to set the minute by minute price for electricity sold on the wholesale market in Texas.
One investor and energy trader, Adam Sinn, told us the mistake resulted in what he called “fake profits.”
“We calculated this mistake was somewhere in the ballpark of $50-plus million,” Sinn said.