Natural Gas Firms, Backed by Wall Street, Made Money During the Texas Freeze
image credit: Credit: Wall Street Journal
- Apr 7, 2021 9:30 pm GMTApr 7, 2021 7:46 pm GMT
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I have already written about the many companies, energy producers and generators, who made money during Texas’s power freeze in February. Today, the Wall Street Journal reports the case of two natural gas generators – Temple Generation I and TexGen - who made profits in excess of $200 million during the event.
For both companies, the flow of cash is a reversal of fortunes from five years ago, when they filed for bankruptcy. Back then, Temple Generation I, which is owned by Panda Power, sued ERCOT for changing its forecasting methodology to move its market supply from undersupply to oversupply.