Energy Transfer wins $392M judgment in Texas winter storm dispute

Regulation
โดย Seeking Alpha·Read original
Summary · why it matters

Energy Transfer won a $392 million judgment in a Texas court over a failed challenge from San Antonio’s city-owned utility CPS Energy regarding gas prices during the February 2021 Winter Storm Uri. The judge found that the prices charged by Energy Transfer were consistent with charges to other parties during the weeklong period of sub-freezing temperatures that caused a spike in electricity demand. The award includes $263.6 million that CPS Energy had disputed and refused to pay, $119 million in interest, and $9.3 million in attorney fees. During the storm, Energy Transfer sold electricity at the maximum rate of $9,000 per megawatt-hour as instructed by the state’s grid operator, invoicing $308 million, while CPS Energy argued that $51.9 million was the correct amount and filed a lawsuit seeking a declaration that it did not owe the remaining balance.

Impact on stocks 2

Energy Transition & Power Demand▲ · 1 stocks
Energy Transfer LP
ET
▲ PositiveCapitalrelevance

Energy Transfer won a $392 million judgment, including disputed payments and interest, directly increasing its financial position.

Energy▲ · 1 stocks
Energy Transfer Partners L.P
ETP
▲ PositiveCapitalrelevance

Energy Transfer Partners L.P. is the same entity as Energy Transfer LP; the judgment directly benefits it.

Off-coverage companies 1

CPS EnergyPrivate▼ Negative
Capitalrelevance

CPS Energy lost the lawsuit and must pay $392 million, a significant financial loss.

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