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ConocoPhillips Company suing CPS Energy defending prices during winter storm

"Rather than forgo purchases, CPS Energy executed numerous purchases with full knowledge that it was agreeing to pay market prices pursuant to the published index."

SAN ANTONIO — CPS Energy announced Tuesday, March 23, the organization filed lawsuits against several natural gas suppliers over the winter storm price hikes.

During the winter storm, the organization said certain natural gas suppliers charged CPS Energy up to 15,000% more for natural gas supply. CPS Energy compared it to price gouging of residents during a natural disaster, something that individual Texans are protected from by state law.

Now, ConocoPhillips Company is suing CPS Energy, defending their prices, saying that the energy company entered into a transaction and agreed to pay those prices, according to a legal document.

The lawsuit says in part, "Rather than forgo purchases, CPS Energy executed numerous purchases with full knowledge that it was agreeing to pay market prices pursuant to the published index."

The document continues with, "In reality, CPS Energy seeks to change the terms of confirmed, agreed transaction because it determined the resulted posting index price was unfavorable. In short, CPS Energy has announced its default and breach in advance."

Read the full lawsuit here:

ConocoPhillips Company is suing CPS Energy, defending their prices, saying that the energy company entered into a transaction and agreed to pay those prices, according to a legal document.

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