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Texas had some of the cheapest power rates in the country when it zapped most of the state’s electric regulations six years ago, convinced that rollicking competition would drive prices even lower.
This summer, electricity there is some of the nation’s priciest.
Power costs are rising in the rest of the U.S., but everything is bigger in Texas: On a hot day in May, wholesale prices rose briefly to more than $4 a kilowatt hour — about 40 times the national average.
Texas is ranked as the number one competitive retail electric market in the United States and number 3 in the world.