It’s Becoming Clearer Who Profited From The Blackouts, And That’s Raising Questions Of Price Gouging
FMOSE BUCHELE, 10 May 2021
The blackouts that hit Texas in February left more than 100 people dead and caused billions of dollars in debt for those who found themselves on the wrong side of the state’s famously laissez-faire energy market. For others, it created huge earnings the full scope of which are now coming into focus.
Until recently, companies that made a lot of money during the freeze have tried to keep a low profile about it. But quarterly financial reports have come due making that information harder to conceal. The big winners: companies that sold natural gas. Continue reading “Article: It’s Becoming Clearer Who Profited From The Blackouts, And That’s Raising Questions Of Price Gouging”
FOCUS-Results tally up billions in profit from Texas freeze for gas and power sellers
Devika Krishna Kumar, Scott DiSavino and Jessica Resnick-Ault, 06 May 2021
Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February’s U.S. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports.
The deep freeze caught Texas’s utilities off-guard, killed more than 100 people and left 4.5 million without power. Demand for heat pushed wholesale power costs to 400 times the usual amount and propelled natural gas prices to record highs, forcing utilities and consumers to pay exorbitant bills. Continue reading “Article: FOCUS-Results tally up billions in profit from Texas freeze for gas and power sellers”