The utility asked Bexar County District Court for a temporary restraining order to prevent Energy Transfer units from declaring CPS Energy in default or taking any action for non-payment of unlawful prices.Įnergy Transfer Co-Chief Executive Officer Marshall McCrea said during a conference call last month that the company did “exceptionally well” during the Texas crisis as gas shortages spurred demand for supplies from the company’s storage facilities. The allegedly inflated costs total almost $257 million out of about $309 million in charges associated with gas purchases from Energy Transfer units in February, according to the lawsuit. The utility argues that state laws protect the people of Texas from “unconscionable behavior and price gouging” during a declared state of natural disaster. That’s like paying more than $7,000 to fill a tank with gas that usually costs less than $50, the company said. 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 deeper into frigid darkness. and Oasis Pipeline LP charged a price for natural gas that was more than 15,000% higher than normal during the climate disaster. have disclosed billions in losses associated with the freeze.ĬPS Energy said in the Energy Transfer lawsuit that subsidiaries Houston Pipe Line Co. Power suppliers including Vistra Corp., NRG Energy Inc.

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. On Monday, Spire Missouri Inc., a utility company, filed a lawsuit against Symmetry Energy Solutions LLC over failed natural gas deliveries that allegedly caused over $100 million in losses. Gas Sellers Reaped 11 Billion Windfall During Texas Freeze () 120. sued Macquarie Energy LLC after having a declaration of force majeure rejected by the energy trader. Earlier this month, a unit of Exxon Mobil Corp.

There have been similar lawsuits filed involving power prices, though not gas. Electricity in Texas surged to $9,000 per megawatt-hour. Traders and power suppliers struggled to find fuel to meet obligations, causing gas to trade at hundreds of times normal levels. At the time, ice on wind turbines and frozen pipelines led to sweeping blackouts, and oil and gas wells shut down. and roiled energy markets last month is expected to result in waves of litigation involving producers and traders of power and natural gas. The deadly cold that battered parts of the U.S. “The aftermath of a declared statewide disaster should not be a ‘jackpot’ for gas sellers,” CPS said in a lawsuit against Energy Transfer obtained by Bloomberg. CPS supplies over 1.1 million customers in the San Antonio area with power and gas, and is disputing charges amounting to hundreds of millions of dollars at a minimum in 13 lawsuits. (Bloomberg) The first lawsuits protesting exorbitant gas prices during February’s historic deep freeze have begun.ĬPS Energy, a Texas utility, is suing energy giants including BP Energy Co., Chevron Corp.

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