"As Congress debates the Green New Deal resolution to transition the U.S. economy to “net-zero” greenhouse gas emissions, a Texas town struggles under the growing financial burden of going green.
Georgetown has spent $30 million since it began its transition to 100 percent renewable energy in 2016, and, now, city officials are lashing out at local reporters and a conservative think tank for scrutinizing the cost to taxpayers."
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"Peacock said the city’s “dogged, almost blind pursuit of renewables” has cost residents $30 million, maybe more, in additional electricity costs because of how it structured its contracts. "
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"Now, the city is scrambling to get out of its long-term, fixed-price energy contracts."
"Energy prices plummeted, particularly natural gas prices, meaning the city lost money selling power back to the market. City figures show it exceeded its electricity budget for 2018 by $10.5 million.
City officials are looking for ways to make up the shortfall, including raising electricity rates. Recent rate hikes raised the average resident’s bill about $13 a month to recover losses from selling power on Texas’s electricity market."
https://truepundit.com/green-new-dea...ind-contracts/