Heard on the Street: Why Berkshire Hathaway’s energy idea is a bad fit for Texas
Two years ago, not long after the Texas electricity system snapped following a winter storm, Warren Buffett’s Berkshire Hathaway pitched an idea to Texas lawmakers: Let usin exchange for steady, guaranteed payment. Now the state is one step closer to making that concept a reality.
The state Senate earlier this month passed a bundle of bills aimed at reforming the state’s energy system, the most substantial of which proposes a so-called Texas Energy Insurance Program. Under that system, the state would run a competitive process to select power plants that would serve as backups in case of emergencies. Onlywith on-site fuel storage would qualify.
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