Workers repair a power line in Austin on Feb. 18, 2021, during the winter storm that left many Texans without power. State lawmakers are close to approving billions of dollars in financing to offset the storm’s costs to companies. Credit: Sergio Flores for The Texas Tribune
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Justin Aguilar’s bingo halls in Corpus Christi lost a week of business and thousands of dollars during February’s deadly winter storm. That was devastating enough.
But that loss of income is dwarfed by what the business now owes because of the Texas power crisis: There’s a $120,000 electricity bill waiting to be paid.
Denton paid $210M for electricity during February winter storm. They had budgeted $83.3M for the year
Denton Municipal Electric is suing ERCOT over what it says is an unconstitutional raid on the credit of it and other cities. Author: Tanya Eiserer, Jason Trahan Published: 8:00 PM CDT May 6, 2021 Updated: 8:35 PM CDT May 6, 2021
DENTON, Texas The city of Denton’s power plant was running strong during February’s winter storms, burning natural gas to make electricity.
Then came the call.
The plant’s supplier was cutting off its natural gas. The supplier didn’t explain why.
“My jaw dropped,” said Antonio Puente, Denton Municipal Electric’s general manager. “We all understood what that meant, and the fact that that we were going to be exposed to very high prices.”
Gas and power sellers rack up billions in profit from Texas freeze Thursday, 06 May 2021 10:10 AM
[ Last Update: Thursday, 06 May 2021 10:10 AM ] Overhead power lines are seen during record-breaking temperatures in Houston, Texas, US, February 17, 2021. (Reuters photo)
Natural gas suppliers, pipeline companies and banks that trade commodities have emerged as the biggest market winners from February’s US 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.
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. After the storm, few companies wanted to talk about their financial gains, unwilling to be seen as profiting off others hardships. But a clearer picture is emerging from quarterly earnings and as utility companies smarting from big bills sue to recoup their losses.