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Vistra accuses Energy Transfer of price gouging ahead of winter storm (NYSE:VST)


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Vistra Corp. (VST +0.4%) has filed a complaint to the Texas Railroad Commission accusing Energy Transfer (ET +0.4%) of levying additional charges to deliver natural gas to profit from rising demand before a looming winter storm, Bloomberg reports.

Vistra’s complaint requests action against the pipeline operator’s plan to charge a premium when electricity prices at certain hubs top $500/MWh.

Energy Transfer’s strategy to add a premium to some gas supply prices, known as the Ercot Price Adder, is “designed to capitalize on rising natural gas prices as Texans face the risk of freezing in the dark,” Vistra said in the complaint.

Texas is bracing for a frigid few days, and Bloomberg reports expectations of record winter demand have sent Texas electricity prices surging.

The companies already locked horns in a payment dispute over last February’s severe Texas storm, as Energy Transfer last month threatened to cut service to Vistra due to $21.6M owed in fees from the event.



Read More: Vistra accuses Energy Transfer of price gouging ahead of winter storm (NYSE:VST)

2022-02-02 02:00:00

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