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whatever1today at 4:36 AM2 repliesview on HN

And tax payers pay for their F ups and then some additional bonuses to the gas traders of BP when Texas freezes.

https://www.bloomberg.com/news/articles/2021-04-27/bp-emerge...


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bz_bz_bztoday at 5:00 AM

Aside from shutting down some compressor stations that gas companies failed to properly register as essential equipment, ERCOT had almost nothing to do with NG prices.

Gas and power are intertwined but still very separate markets.

Natural gas would have gone even higher had ERCOT not shed load, so if you want to make reductionist statements about complex issues, you could say that ERCOT actually took away from the bonuses of BP gas traders who were long.

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WaxProlixtoday at 4:37 AM

That's largely true, but on the flipside at least some of the rush of batteries into Texas to do ancillary services and provide redundancy are a result of greedy capitalists seeing the profits a few hundred MWh can get you in Texas (at taxpayer expense!) and rushing in to get a piece of the pie. So, markets!

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