The city-owned utility has declined to disclose details of any settlements it’s reached....
Days after the storm passed, CPS sued 18 natural gas suppliers, accusing them of price gouging. A unit of gas that sold for less than $3 before the cold snap suddenly cost CPS hundreds of dollars per unit during the deep freeze.
CPS did not make Ramirez available to answer follow-up questions, nor did the utility respond to questions about exactly how much it has paid gas suppliers so far. The issue hinges on whether the Texas Supreme Court rules that ERCOT is a governmental entity — a status that would shield it from lawsuits — or a private nonprofit that’s subject to CPS Energy’s claims.
Meanwhile, CPS and the city structured the regulatory asset to absorb up to $1 billion in debt if CPS is forced to pay the entire storm-related bill. Because it won’t disclose details of the settlements, it’s unknown whether that will be necessary. “We have resolved disputes in a way that allows us to have a different purchase structure than we would otherwise on go-forward purchases,” Ramirez said.
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