Statement from Paula Gold-Williams, President & CEO of CPS Energy, on Occidental Energy Marketing’s Q1 Earnings and Breach of Contract Counterclaim

May 21, 2021 – Occidental’s natural gas marketing division increased revenues by $1.6 billion from last year. These profits – built on exorbitant, excessive, and unconscionable prices – put Occidental’s price gouging during Winter Storm Uri on full display for the world. Occidental’s recent counterclaim against CPS Energy misunderstands basic contract principles regarding unconscionability and price gouging, and we remain confident that certain contracts with Occidental are unenforceable and thereby render its breach of contract counterclaim irrelevant. We remain confident in our case against Occidental.