Agreed, it is predatory and unfortunate that the power company didn't eat the loss, but let's be honest, what large company would when they could pass it on to customers without breaching contract? These people literally signed a contract agreeing to pay the fluctuating real-time cost of energy. Normally that might be a benefit, but in this circumstance it clearly wasn't. This would be a scenario where either government steps in and sets limits on price gouging or takes measures to prevent drastic price increases, or else these people are unfortunately contractually obliged to pay the price, whatever it may be at the time. It's going to be an interesting court case if they have enough participants for the class action, but a very tough sell legally.
And they'll lose the lawsuit. It says in your energy contract whether you follow the market or if you're going to buy it at a certain rate.
Agreed, it is predatory and unfortunate that the power company didn't eat the loss, but let's be honest, what large company would when they could pass it on to customers without breaching contract? These people literally signed a contract agreeing to pay the fluctuating real-time cost of energy. Normally that might be a benefit, but in this circumstance it clearly wasn't. This would be a scenario where either government steps in and sets limits on price gouging or takes measures to prevent drastic price increases, or else these people are unfortunately contractually obliged to pay the price, whatever it may be at the time. It's going to be an interesting court case if they have enough participants for the class action, but a very tough sell legally.