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Projects honored for improving Valparaiso

Projects honored for improving Valparaiso
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Gas Barons Made Billions as Texas Froze – Report

July 12, 2021 Long and essential report in Bloomberg, excerpted here. Interviews with energy executives and an analysis of public records by Bloomberg News show that natural gas producers in the Permian shale basin began to drastically reduce output days before power companies cut them off. As the flow of gas cratered, everyone scrambled to secure enough supply, sparking one of the wildest price surges in history. Power producers were forced to pay top dollar in the spot market for whatever gas they could find. Soon customers will be saddled with the bill. And it’s a big one: The total comes to about $11.1 billion for a storm that lasted for just five days, according to estimates by BloombergNEF analysts Jade Patterson and Nakul Nair. The cost of gas for power generation alone was about $8.1 billion, or 75 times normal levels. A further $3 billion was spent by utilities providing gas for cooking, heating and fireplaces. The BNEF estimate is based on spot prices at major hubs as

Gas Sellers Reaped $11 Billion Windfall During Texas Freeze - Governors Wind Energy Coalition

Governors Wind Energy Coalition Gas Sellers Reaped $11 Billion Windfall During Texas Freeze Source: By Kevin Crowley, Bloomberg • Posted: Sunday, July 11, 2021 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. It’s now becoming clear that while millions of Texans endured days of power cuts, the state’s gas producers contributed to fuel shortages, allowing pipelines and traders to profit handsomely off them.

Gas Sellers Reaped $11 Billion Windfall During Texas Freeze

Gas Sellers Reaped $11 Billion Windfall During Texas Freeze
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