As Texans went without heat, light or water, some companies scored a big payday

[Yo_Mama_Been_Loggin]

As millions of Texans went days without heat, light or water, as store shelves were emptied, as deaths blamed on the cold began to add up, Texas’ frenzied and deregulated electricity market opened the door for some companies to reap windfalls that may mount into the billions of dollars.

The nation’s most deregulated energy economy was supposed to be a win for consumers and for energy companies nimble enough to do business in a bustling, cacophonous market. But the cold snap — rare but by no means unprecedented — shattered it last week, plunging consumers into misery and leaving a badly prepared and dislocated energy sector in pieces.

“This is the classic definition of market failure,” said Aneesh Prabhu, an analyst with S&P Global.

Wholesale prices for electricity spiked 300-fold, and for natural gas almost as much, and when supplies dwindled firms that had some of either commodity to sell were in line for tremendous short-term profits. But other companies are looking at stupendous losses.

https://www.msn.com/en-us/news/us/as-texans-went-without-heat-light-or-water-some-companies-scored-a-big-payday/ar-BB1e4t4Y?li=BBnb7Kz

FREEDUMB!!!!!! - Ted Cruz

[East-A-Squared]

1. Reminds me of Enron price gouging California in the late 90s/early 2000s.