NextEra Hit with Price-Gouging Liability After Winter Storm Uri Ruling

An Oklahoma judge has ruled that NextEra Energy Marketing is liable for price-gouging during Winter Storm Uri in February 2021. The storm, which brought snow and prolonged freezing temperatures to the state, led to a significant increase in natural gas prices. NextEra's trading company was found to have violated Oklahoma's Emergency Price Stabilization Act and the Oklahoma Consumer Protection Act by charging utilities billions of dollars for natural gas during the emergency.

The lawsuit was filed by Oklahoma Attorney General Gentner Drummond on behalf of the state's residents, who were impacted by the high prices. The average natural gas price in Oklahoma rose from $2.55 per unit before the storm to a high of $1,230.65. The judge's ruling sets up a trial where NextEra will be put on trial to calculate overcharges, restitution, and profits that should be returned.

The decision comes after the Federal Energy Regulatory Commission dismissed NextEra's request for federal jurisdiction over the issues raised in Oklahoma's lawsuit. The judge rejected several defenses presented by NextEra, including arguments that their actions were exempt in Oklahoma law.