Click For Photo: https://hotair.com/wp/wp-content/uploads/2019/01/Georgetown-Texas.jpg
Georgetown, Texas is a town of about 70,000 residents north of Austin. In 2012, the city committed to moving its energy grid to 100% renewables, a combination of wind and solar. Ever since then it has been touted as a model for the future and was even featured in the sequel to Al Gore’s Inconvenient Truth.
SEE ALSO: Is Howard Schultz offering any policy ideas or is it just “better life for our children” talk-around?
Georgetown - Residents - Things - Town - Georgetown
But it turns out Georgetown residents aren’t thrilled with how things are working out in their town. When Georgetown committed to renewables it bought enough that it could cover peak summer usage plus a little extra for future population growth. It locked in 2012 prices by committing to long term contracts of up to 25 years. Of course, it wouldn’t need all of that power most of the year so the plan was to sell the excess to others on the Texas power grid who, it was thought, would be paying much higher prices for electricity produced from fossil fuels.
Unfortunately for Georgetown, the fracking boom happened and the United States produced so much cheap natural gas that we’ve become a net exporter of fossil fuels. While gas brought energy prices down over the past couple years everywhere else, Georgetown was locked into pricey contracts for more energy than it needed. And because everyone else was paying less, no one wanted to buy Georgetown’s excess green energy, which means the town is stuck paying for it to the tune of several million dollars.
Month - Georgetown - Residents - Electricity - Bills
This month, Georgetown residents learned they’ll be paying higher electricity bills this year thanks to this dynamic and, understandably, some of them are not happy about it. From KVUE:
“This was sold as an economic advantage because it was going to lock prices in for years to...
Wake Up To Breaking News!
I love to post, but I never read the article!