3/23/2023 0 Comments Texas freeze![]() ![]() It is possible that some companies may never collect on those sales due to ongoing litigation, however. The firms combined stand to reap billions of dollars in profits by selling gas and power during the storm, according to interviews and reviews of public documents. The biggest winners were companies with access to supplies, including leading energy trader Vitol, gas suppliers Kinder Morgan (KMI.N), Enterprise Products Partners (EPD.N) and Energy Transfer (ET.N), oil giant BP plc (BP.L), and banks Goldman Sachs (GS.N), Bank of America (BofA) (BAC.N) and Macquarie Group (MQG.AX). ![]() ![]() But a clearer picture is emerging from quarterly earnings and as utility companies smarting from big bills sue to recoup their losses. 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.Īfter the storm, few companies wanted to talk about their financial gains, unwilling to be seen as profiting off others' hardships. The deep freeze caught Texas's utilities off-guard, killed more than 100 people and left 4.5 million without power. winter blast that roiled gas and power markets, according to more than two dozen interviews and quarterly earnings reports. May 6 (Reuters) - Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February’s U.S. ![]()
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