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Millions of Texans lost power last week and were stuck living in freezing conditions as their electrical bills skyrocketed. The crisis was totally preventable, according to a left-leaning economist who teaches at the University of Texas at Austin, and the reason why has to do with the state’s deregulated electricity system.
James Kenneth Galbraith, a government professor at the University of Texas at Austin, wrote in a Project Syndicate commentary that these failures were baked into Texas’ power grid as soon it embraced deregulation under former Gov. Rick Perry in 2002.
The Texas system had details ⇒
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