Mexico’s state-owned Federal Electricity Commission (CFE) will not owe a Texas natural gas supplier’s claim for hundreds of millions of dollars stemming from a huge increase in fuel prices during a devastating winter storm, an international arbitration panel ruled.
The intense cold of Winter Storm Uri in 2021 raised natural gas prices in the United States to historic highs, as demand skyrocketed and fields and gas pipelines froze.
Suppliers passed along the huge price increases to their customers, leading to dozens of lawsuits.
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A Houston arbitration panel last month rejected WhiteWater Midstream LLC’s claims against CFE and awarded the state power company undisclosed damages, fees and costs, according to a document filed Wednesday in U.S. District Court in Houston.
An attorney and spokesperson representing Austin, Texas-based WhiteWater declined to immediately comment.
The CFE’s lawsuit for breach of contract against former directors Guillermo Turrent and Javier Gutiérrez, who awarded the contract to Whitewater, remains pending.
An attorney for Turrent and Gutierrez did not respond to requests for comment.
With information from Reuters
