Texas Attorney General Ken Paxton announced an agreement of sorts with the energy wholesaler Griddy that will essentially wipe out the electric bills for thousands of Texans who saw spot prices for electricity surge during February’s winter storm:

From the Dallas Morning News:

The action Paxton took was to release Griddy’s former customers from Griddy’s bankruptcy, which it filed for Monday in Houston. Texas won’t move forward with its state court lawsuit and investigation, and “Griddy will work with it in good faith to resolve these matters,” the attorney general said.

Paxton’s office also said it’s working with Griddy to get some “relief” for people who have already paid their bills, some of which were several thousand dollars each.

“Griddy and my office are engaged in ongoing good faith negotiations to attempt to address additional relief for those Griddy customers who have already paid their storm-related energy bills,” Paxton said in a statement.

Paxton’s office had sued Griddy “under the Texas Deceptive Trade Practices Act on behalf of 24,000 customers who have a cumulative $29.1 million in unpaid electric bills from the week of freezing temperatures in Texas last month”:

What this means is the Electric Reliability Council of Texas (ERCOT) will not be able to go after consumers over the money Griddy owes:

And this bailout of Griddy customers will be paid for by all the power customers who have been paying higher rates for years in exchange for protection against these price surges:

Well, at least Alexandria Ocasio-Cortez will be happy?

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