Gas Sellers Reaped $11 Billion Windfall During Texas Freeze
The official autopsy of the great Texas winter blackout of February 2021 quickly established a clear timeline of events: Electric utilities cut off power to customers and distributors as well as natural gas producers, which in turn triggered a negative feedback loop that sunk the state deeper and de...
Hasnain says:
““If you’re producing half as much gas as normal but selling at 70 to 100 times the price, then that math is working for you,” said one executive who declined to be named. “You just had the greatest week in the history of the gas market.”
CPS Energy, the biggest utility in San Antonio, was blunt in its assessment.
“Egregious natural price gouging,” CEO Paula Gold-Williams said of Energy Transfer, the biggest winner to date. CPS claims the pipeline operator generated two years’ worth of profits in the first quarter of 2021 and is suing to reclaim some of the $1 billion it lost during the storm.”
Posted on 2021-07-11T06:36:58+0000