Riot Responds To Recent Inquiries Regarding Its Power Strategy
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms, Inc. (NASDAQ:RIOT) has clarified its power strategy following a CNBC report that claimed Texas paid the company $31.7 million to shut down during a heat wave in August. Riot stated that it provided over 84,000 megawatt hours of energy to the Texas market to reduce demand and stabilize the grid during the heat wave. The company earned approximately $7 million from the Electric Reliability Council of Texas, Inc. (ERCOT) ancillary services program and sold approximately $24 million of pre-purchased energy to its energy provider, TXU.
September 08, 2023 | 7:15 pm
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Riot Platforms, Inc. (NASDAQ:RIOT) has clarified its power strategy, stating that it provided energy to the Texas market during a heat wave, earning $7 million from ERCOT and selling $24 million of pre-purchased energy to TXU.
The news clarifies Riot's power strategy, which was previously misrepresented in a CNBC report. This clarification could potentially restore investor confidence in the company's operations and strategic decisions. However, it's uncertain how this will affect the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100