Former Enron trader claims gas companies manipulated market during 2021 freeze
CirclesX Recovery, which represents thousands of Texas energy customers, claims firms including Energy Transfer, Kinder Morgan, BP, Conoco Phillips and CenterPoint Energy engaged in an Enron-style scheme to cut off gas production or divert supplies into storage days ahead of freezing temperatures that would eventually cripple the Texas power grid.
“We believe this lawsuit is wholly without merit and intend to vigorously defend it,” a Kinder Morgan spokesman said in a statement. CirclesX is attempting to make the case that Texas’s intrastate pipeline system operates as a monopoly where a handful of large players control almost all the gas in the state, pointing toIn the filing,
For instance, the lawsuit claims Energy Transfer started reducing the flow of natural gas from its Hemphill plant in North Texas on Feb. 8, 2021, when temperatures did not fall below 64 degrees. The plant’s flow declined from 25,000 million British Thermal Units to zero on Feb. 13, by which time temperatures had plummeted into the low 20s.
The CirclesX lawsuit is likely to bring renewed scrutiny to the gas industry’s actions during Winter Storm Uri.noted more than 2,000 instances of unusual market behavior
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