News – AU – Texas Blackout raises Australian bank up to $ 215 million

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The freezing condition that plunged millions of Texans into darkness last week earned Macquarie Group Ltd, a profit of up to $ 215 million, an Australian investment bank active in US Electricity and gas markets

The extreme weather has frozen wind turbines and oil and gas wells, closed oil refineries, and caused power plants to run offline, causing a jolt in energy markets wholesale prices for electricity rose, as did spot prices for natural gas in Texas, Oklahoma, Kansas and Arkansas

The turmoil created a gold mine for Macquarie commodity traders, who specialize in sending gas and electricity to customers such as utilities in unusual situations

The bank on Monday raised its earnings forecast for the year through March to reflect the slump and said net profit after tax was 5 to 10% higher than in fiscal 2020, an increase of up to 2731 million Australian dollars, that’s around $ 215 million. In its previous guide dated Feb. 9, Macquarie said it expected a slight decline in earnings from 2020

“Extreme winter weather conditions in North America have significantly increased short-term customer demand for Macquarie’s ability to maintain critical physical supplies throughout the resource complex, particularly gas and electricity,” the bank said

Macquarie Group, Australia

News – AU – Texas Blackout raises Australian bank up to $ 215 million

Source: https://www.wsj.com/articles/texas-blackout-boosts-australian-bank-by-up-to-215-million-11613997617