Some on Wall Street Profited off Texas Blackouts. In a Private Call, a Top Regulator Pledged He Would Try to Protect Their Windfall.
While many Texans last week were worried about sky-high electric bills from February’s winter storms, the state’s sole utility commissioner was privately reassuring out-of-state investors who profited from the crisis that he was working to keep their windfall safe. Texas Monthly has obtained a recording of a 48-minute call on March 9 that Texas Public Utility Commission chairman Arthur D’Andrea held with analysts and market researchers for Bank of America Securities. During that call, which was closed to the public and news media, D’Andrea took pains to ease investors’ concerns that electricity trades, transacted at the highest prices the market allows, might be reversed, potentially costing trading firms and publicly traded generating companies millions of dollars. “I apologize for the uncertainty,” D’Andrea said, promising to…View Original Post
Source: Texas Monthly