Posted on 03/05/2021 2:11:14 PM PST by nickcarraway
I am not an idiot. I know this market inside out. I know that it has plenty of rules and it is not true free market capitalism, but it is a reasonable market that has rules that are voted on by its participants. I know the types of things that Goldman Sachs did to profit. Anything involving electricity wasn’t even a negotiated price. It was a market price that applied to all market participants and there are almost no exceptions to this. And if they managed to import MWs into Texas they were helping the people of Texas. And this was not an easy thing to do and it was full of risk (and profit).
But when many Freepers hear Goldman Sachs, which is full of libs, they froth at the mouth and criticize whatever they did even if it was completely devoid of corruption.
Roman numeral M = 1000
Title says $200 thousand
Text says $200 million
Common mistake - screams at me every time I see it.
My thing to have to point it out.
Usually in headlines, ands when a capital M follows the number, its an abbreviation for million, and has nothing to do with Roman numerals.
Ya that makes sense.
BULLSHIT that's not what happened at all.
Leftists and their lies about solar and wind energy, caused 50 billion in damage and killed more than 30 people. That's what happened.
Texas had to CLOSE 3 coal power plants to appease commie leftists. People froze to death and now they want to wash their hands of the disaster. This is not over folks. Texas will hold those responsible accountable.
If u think this is because of wind and solar and green energy then you are dead wrong. This is due to Ercot not having a capacity market to incentivize winterization.
People want to bash leftists over this. I dislike leftists as much as any other freeper - but they aren’t really to blame for this badly structured market.
You are confusing two completely different issues.
Texas has a deregulated electricity market. They rarely need to purchase electric power from other states, especially in the winter time.
Because of deregulation, Texas has some of the lowest electricity rates in the USA.
Most states have some level of regulation, and most states purchase electricity rate insurance and then pass those insurance costs onto their customers.
The traders at Goldman Sachs make electricity insurance possible by buying and selling electricity future contracts.
Future contracts, of all kinds, are very high risk, and in any given year you can lose $200 million just as fast as you can make it.
Please note that my earlier comment was ONLY about electricity insurance.
The reason(s) that the power grid in Texas failed have NOTHING to do with my original comment.
No surprise, ALWAYS check who is profiting from any major event, wars, etc.
Although some will be tough or impossible to find/figure out due to funneling money, etc. into infinity.
Leftist absolutely are to blame for this. !00%. You see solar and wind are heavily subsidized by tax dollars, so much so they would not exist without subsidies. Wind and solar are fake businesses propped up by tax dollars and exist not to protect the environment but rather to make energy expensive and scarce. On top of that to further the deception that wind and solar are valid they are exempted from the expense of building and maintaining the power grid in Texas. Those costs all fall on coal and nuclear. Even further is the fake solar and wind generation business is not incentivized to winterize their product as the burden of liability for them is again an exception. So guess what? They don't winterize because nothing happens to fake leftist businesses when they fail.
Lastly you want proof the leftists are to blame? Why did members of ERCOT start resigning almost immediately once the light started to be shown on their actions? Ask yourself if you had done everything in good faith at your job would you resign?
So we have the leftist that forced the fake and utterly fraudulent business of wind and solar energy on the people of Texas. Leftist enviro wackos that forced Texas to close coal power plants. Then leftists at ERCOT who followed enviro whacko policies that left Texas exposed to great risk. Many people died and billions in property damage has occurred. Yes this disaster was caused by leftists and ultimately was the intent.
Goldman Sachs?
But an order by the federal government DOE only allowed a limited group of power producers to go high to not violate green ideals.
Thus the spike in power costs. So who made the money? Cost of product and taxes.
wy69
You think that...I KNOW first hand that it was caused by natural gas supply issues.
Sorry, NC. I’m inept at reproducing citations and links for everyone from my cell phone.
GS overtly gave next to nothing directly to Ted Cruz, but to PACS who fundraise for R & D candidates, especially incumbents.
OpenSecrets had GS as the number one corporate contributor 2007-2017, over $11M, divided in that time- period, almost equally between DEMS & REPS.
Wind and solar energy is a fraud, period. Put the three coal plants back online build a few more, dismantle the fake wind and solar and keep the leftists hands off our grid and this disaster NEVER HAPPENS.
Everyone knows that the wind and solar are not reliable. It was known by the utilities, by Ercot and by every market participant. People were prepared for that because it frequently doesn’t produce any power. What people were no prepared for was the complete failure of thermal plants (primarily natural gas plants).
Tesla Is Plugging a Secret Mega-Battery Into the Texas Grid
The utility-scale battery located outside of Houston will connect to the same grid that faltered in February’s freeze
March 8, 2021
Hyperdrive
https://www.bloomberg.com/news/features/2021-03-08/tesla-is-plugging-a-secret-mega-battery-into-the-texas-grid
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