In Houston, energy trading firms Aspire Commodities LP and Raiden Commodities LP have filed motions in federal court against GDF Suez, a regional supplier of electricity in Texas. The company is accused of using its size and power in the energy market to artificially drive prices in its favor. By allegedly hoarding and then dumping its excesses in a way that creates an unfair market advantage for them, the company is accused of not revealing any reasons that justify how it’s handled these excesses.
The actions have allegedly cost the two commodities companies considerable sums of money in the process. With a special legal criteria in place, GDF Suez has apparently been able to fly under the radar, according to the filing, meeting a quota that made it too small to be defined under the state’s manipulation charges. GDF Suez has declaimed to comment on the issue at this time.