Macquarie Climate Change Price Gouging – A Concern for Public Citizen

On November 18, 2024, Tyson Slocum reported on the concerning actions of Macquarie Energy LLC. In their recent application for renewal to export electricity to Canada, Macquarie claimed to not own or control any power generation or transmission facilities or have a franchised electric service area. This statement was found to be false. Macquarie Energy LLC and its affiliates actually hold controlling interests in two utilities with franchised electric service areas, including Puget Sound Energy in Washington State and Cleco Power. They also own multiple waste-to-energy electric power stations and have pending applications to acquire power generation assets in multiple states.

Furthermore, Macquarie Energy LLC is facing accusations of energy market manipulation. The State of Kansas has sued the company for $50 million, alleging they price gouged consumers during Winter Storm Uri, resulting in harm to many Americans. The case is currently active in U.S. District Court. Additionally, there is a non-public market manipulation investigation by FERC’s Office of Enforcement concerning companies’ actions during Winter Storm Uri, and questions have arisen about Macquarie’s involvement in this.

It has been reported that Macquarie earned $215 million in windfall profits during Winter Storm Uri, with suspicions that control of Multifuels Midstream Group and its natural gas pipelines may have influenced their actions. Given these serious allegations and ongoing investigations, calls have been made to halt Macquarie’s request to export electricity until these issues are resolved.

For more information and to read the full filing, visit the provided links. Let’s keep a close eye on developments in this important case to ensure the protection of consumers and uphold fair market practices.