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VERIFY: Yes, this energy company made $2.4 billion during the Texas winter storm power outages

Energy Transfer records show $17 million of the profit came from the Electric Reliability Council of Texas raising wholesale energy rates during Winter Storm Uri.

AUSTIN, Texas —

Claim:

Social media posts by reporter Justin Miller and Texas Congressman Joaquin Castro show Energy Transfer made $2.4 billion during the February winter storms. Then, Executive Chairman of the Board of Directors Kelcy Warren contributed $1 million to Gov. Greg Abbott’s campaign.

Result:

True.

Sources:

Process:

“Given our ability to utilize our extensive natural gas storage and transportation assets to provide a significant amount of natural gas for consumption during Winter Storm Uri, in total we now expect to realize approximately $2.4 billion from the storm for full-year 2021,” said Thomas Long, co-CEO and director with Energy Transfer.

The SEC quarterly filings show the details of that $2.4 billion.

Part of that profit came from the Electric Reliability Council of Texas (ERCOT) raising wholesale energy rates during the February winter storm.

The company's Form 10-Q for the quarterly period ending March 31 shows:

  • “an increase of $52 million from power trading activities primarily due to short-term, favorable market conditions created by Winter Storm Uri in February 2021; 

  • "an increase of $17 million primarily due to revenues earned under the Electric Reliability Council of Texas (“ERCOT”) responsive reserve program during the Winter Storm Uri, and 

  • "an increase of $5 million primarily due to increased gains from sales of storage natural gas.”

Warren has made campaign contributions in Texas dating back to at least 2002.

As of June 30, Texas Ethics Commission records show Warren made two donations in 2021. Warren gave “Texans for Greg Abbott” $1 million. Glenn Hegar, the Texas comptroller of public accounts, received $100,000, records show.

Warren has given money to both Republicans and Democrats over the years.

On a federal level, the Federal Election Commission records show Warren contributed $10 million to the Super PAC “America First Action” in 2020, supporting former President Donald Trump’s last campaign.

He gave nearly $6 million to the “Opportunity & Freedom PAC” in 2015, supporting former Texas Gov. Rick Perry’s 2016 presidential run.

If you have a question for our VERIFY team, email us verify@kvue.com.

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