44 Companies Sued for Gas Market Profiteering During Winter Storm Uri
During Winter Storm Uri in February 2021, power outages resulted in deaths, damage, and billions of dollars of consumer costs. Injuries include uninsured property losses, as well as securitization losses. CirclesX Recovery LLC seeks to recover damages sustained by tens of thousands of such Texas residents, businesses, and state and local entities.
“The defendants starved Texans of the fuel to make electricity when it was needed most. They created a situation that led to an untold amount of human suffering and misery,” said Erik Simpson of CirclesX Recovery LLC. “They must compensate the millions of consumers and businesses who lost lives and incurred billions of dollars in damages due to their abusive conduct.”
More than 4,000 companies are part of the natural gas market in Texas. Most of these energy producers are important employers and exemplary actors in the market. The data will show 44 bad actor families of energy companies – the listed defendants in this lawsuit – exploited a state regulatory blind spot to profiteer by intentionally creating a shortage of natural gas before and during the storm. They did this by reducing the flow of natural gas before the storm hit and by moving gas to the unregulated in-state pipeline system. They exploited their unregulated monopoly to charge electric generators outrageous prices for natural gas.
Through this lawsuit, we will hold accountable the producers and distributors who manipulated natural gas markets, driving up prices temporarily and artificially to generate massive profits.
CirclesX Recovery LLC is providing Texans an opportunity to seek justice. People interested in learning more can visit www.thtrf.com.