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Koch Sues Vistra for $286 Million Following Texas Energy Crisis

March 16, 2021, 4:46 PM

A Koch Industries Inc. subsidiary sued two Vistra Corp. affiliates in Delaware, demanding $286 million to cover the short-term spike in Texas electricity prices during the state’s February energy crisis, which left millions without power for days as the result of unusually cold weather.

The lawsuit, filed Monday in Delaware Chancery Court, seeks to collect a monthly “earnout” Vistra agreed to pay when buying the Odessa-Ector gas plant from a Koch affiliate. The deal allegedly calls for the payments when the “spark spread” between electricity and gas prices reaches a certain threshold.

“Recent weather events in Texas did not excuse”...

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