The Public Utility Commission's vote on Docket 52322, which finances $2.1 billion for retail electric companies, is infuriating. I'm extremely frustrated because this vote is bad public policy and a bad decision for Texas taxpayers.
This action will benefit some of the companies who made money during Winter Storm Uri. What a shameful decision and awful policy! This is not what the government should do with taxpayer money!
This vote is a settlement agreement the PUC endorsed. But it does not provide transparency to distinguish between companies that made money and those that lost money during Winter Storm Uri. Again, this goes completely against what we asserted in the Texas Senate.
The House author of House Bill 4492, Rep. Chris Paddie, R-Marshall, has been disingenuous throughout the legislative process and after. After the bill's passage, Rep. Paddie wrongly told the PUC that the bill's legislative intent did not include netting, despite on the record evidence during the passage of the bill to the contrary. Now, his motivations have been exposed as he prepares to leave the legislature and may be seeking a highly compensated position in the same electric industry that stands to benefit from his position of no netting and no transparency. Rep. Paddie has forfeited his credibility with my office and with many members of the Texas Senate.
I, and the members of the Texas Senate, always intended any company's uplift to be a net of losses against profits. We have repeatedly made this clear to the PUC. The companies that profited during the storm do not need a bailout. I repeat, winners do not need a bailout.
After Winter Storm Uri, I called for the resignation of members of the PUC. They all resigned. However, I can assure you that the new commissioners' Senate confirmation hearings would not have gone as smoothly if senators knew they intended to ignore the will of the Senate and the people of Texas.
This agreement is a slap in the face to Texans, who have already suffered horrendous after-effects from the winter storm.
Winter Storm Uri was a disaster with tragic, long-lasting effects. Immediately after the storm, I committed myself to the public interest and called for full transparency in all aspects of Winter Storm Uri. I remain committed to getting to the bottom of this and doing what is best for the people of Texas.
May God bless you and your family, and may He continue to bless the greatest state of all—Texas.
Sincerely,
Dan Patrick
Lieutenant Governor of Texas
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