Two natural gas marketing companies which operated in-state pipeline and storage assets are now facing a lawsuit filed by Oklahoma Attorney General Gentner Drummond. During February 2021’s Winter Storm Uri, natural gas prices soared as much of the Great Plains were experiencing extremely frigid temperatures and weather conditions.
Drummond’s office has been investigating allegations that non-utility companies manipulated conditions to create higher natural gas prices.
The lawsuit was filed against Enable entities, which is now known as ET Gathering & Processing due to a merger, and Symmetry Energy Solutions. The lawsuit contends that Enable and Symmetry employed “a variety of tactics to drive up the index prices, including reduction of supply and submitting trades at unconscionable prices levels.”
The Grand River Dam Authority (GRDA) was a client of Enable and Symmetry. GRDA is a public utility.
Symmetry directly supplied natural gas to many public schools, cities, counties, and hospitals.
“I believe the level of fraud perpetrated on Oklahomans during Winter Storm Uri is both staggering and unconscionable,” said the Attorney General. “While many companies conducted themselves above board during that trying time, our analysis indicates that some bad actors reaped billions of dollars in ill-gotten gains. It is important that we do everything in our power to hold bad actors accountable for their actions.”
The lawsuits were filed in Osage County District Court on Wednesday.
Drummond said his office will pursue additional litigation against other companies believed to have engaged in market manipulation.
