Just curious to hear anyone's opinions/thoughts on how firms made out over the February power/gas market blowout. We should have a good idea now since invoices were due on Mar 25th
I'm hearing some ongoing legal paperwork for a lot of companies(XTO/Macquarie) and some may get tied up for months
Heard BAML, Citadel, Hartree, Macquarie made some good $$
It seems anyone in the physical marketing space made their yearly budget and then some
Any natural short that was uncovered or load-following deals got the bad end of that move
NattyPhys, pure crickets, that's where I come in. Any of these useful?
More suggestions...
I hope those threads give you a bit more insight.
Some retail books performed very very well; other obviously were destroyed to level that a few companies no longer exist. Lots of gen got smoked over non-performance and short-covering. Renewables is a mixed bag depending on where their swaps were settled vs. production (quite a few I've heard took the S-N spread in the teeth).
ERCOT snowball of $2B+ in non-payment that needs to finish sorting itself out; that'll push some players deeper in the red and knock wind from the sails of others.
Heard BAML, Macquarie, and Citi made out like absolute bandits during this thing. Just trying to keep their heads low now during the fallout. Any phys gas guys with storage or transport near Texas probably made bank as well.
Some majors did real well...some not so well (one in the news). Citadel was the major winner. The banks next up, I think MacQ gas others power as mentioned. Merchants net up and did well but nothing Citadel and 3 banks.
which major didn't do well?
Seems like everyone is worried about credit issues right now, so I (presume) there will be write-downs
Exxon didn't do that well
Basically every marketer killed it during this stretch. It seems the retail escos along with some companies with big retail books (Exelon) are the ones who really got screwed here. There were arbs everywhere, even if you didn’t have any firm assets in Texas/midcon with spreads completely out of whack and liquidity drying up due to credit concerns during the crazy stretch. Many made out like complete bandits. My company is on track for the best year in its history strictly due to the physical gas desk and I’ve heard the same about many other gas desks as well. I doubt we’ll ever see price action like that in our lifetimes. Quite a time to have been in the market...
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