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Sep 17, 2021,12:25pm EDT

Wall Street’s Love Affair With China Is Headed For Trouble”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 17, 2021″,”hourMinute”:”12:25″,”amPm”:”pm”,”isEDT”:true},”index”:1,”title”:”Wall Street’s Love Affair With China Is Headed For Trouble”,”uri”:”https://www.forbes.com/sites/alexcapri/2021/09/17/wall-streets-love-affair-with-china-is-headed-for-trouble/”,”image”:”https://specials-images.forbesimg.com/imageserve/6144b5ae7520cd9617fcacb6/960×0.jpg”}},”id”:”d00kb0q39ml400″},{“textContent”:”

Sep 17, 2021,11:20am EDT

Asia’s Casino Fortunes Falter As Macau Threatens Crackdown On Gaming”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 17, 2021″,”hourMinute”:”11:20″,”amPm”:”am”,”isEDT”:true},”index”:2,”title”:”Asia’s Casino Fortunes Falter As Macau Threatens Crackdown On Gaming”,”uri”:”https://www.forbes.com/sites/zinnialee/2021/09/17/asias-casino-fortunes-falter-as-macau-threatens-crackdown-on-gaming/”,”image”:”https://specials-images.forbesimg.com/imageserve/614463dbde4449c6d9b910a5/960×0.jpg?cropX1=0&cropX2=3999&cropY1=415&cropY2=2664″}},”id”:”bhhepf188go000″},{“textContent”:”

Sep 17, 2021,03:45am EDT

Li Ka-Shing’s Flagship Bets On Indonesia’s Digital Future With $6 Billion Merger”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 17, 2021″,”hourMinute”:”03:45″,”amPm”:”am”,”isEDT”:true},”index”:3,”title”:”Li Ka-Shing’s Flagship Bets On Indonesia’s Digital Future With $6 Billion Merger”,”uri”:”https://www.forbes.com/sites/candicewong/2021/09/17/li-ka-shings-flagship-bets-on-indonesias-digital-future-with-6-billion-merger/”,”image”:”https://specials-images.forbesimg.com/imageserve/61441baff588a802dbdc9bde/960×0.jpg”}},”id”:”5eqgb8im242k00″},{“textContent”:”

Sep 16, 2021,11:31am EDT

Nasdaq-Traded China Hotel Chain Huazhu Falls After Billionaire Founder Steps Down As CEO”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 16, 2021″,”hourMinute”:”11:31″,”amPm”:”am”,”isEDT”:true},”index”:4,”title”:”Nasdaq-Traded China Hotel Chain Huazhu Falls After Billionaire Founder Steps Down As CEO”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/09/16/nasdaq-traded-china-hotel-chain-huazhu-falls-after-billionaire-founder-steps-down-as-ceo/”,”image”:”https://specials-images.forbesimg.com/imageserve/614360e5900934e3d7e4b178/960×0.jpg”}},”id”:”36bkfiq6aoq400″},{“textContent”:”

Sep 16, 2021,10:30am EDT

Hydrogen Hope Fuels Shares Of Korean Conglomerate Hyosung, Mints New Billionaire”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 16, 2021″,”hourMinute”:”10:30″,”amPm”:”am”,”isEDT”:true},”index”:5,”title”:”Hydrogen Hope Fuels Shares Of Korean Conglomerate Hyosung, Mints New Billionaire”,”uri”:”https://www.forbes.com/sites/johnkang/2021/09/16/hydrogen-hope-fuels-shares-of-korean-conglomerate-hyosung-mints-new-billionaire/”,”image”:”https://specials-images.forbesimg.com/imageserve/614033c5200cb2de903d227f/960×0.jpg”}},”id”:”5be8j0oah9o800″},{“textContent”:”

Sep 16, 2021,09:57am EDT

Expanding International Clinical Trials For Cancer Saves Lives. Why Not Act Faster?”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 16, 2021″,”hourMinute”:”09:57″,”amPm”:”am”,”isEDT”:true},”index”:6,”title”:”Expanding International Clinical Trials For Cancer Saves Lives. Why Not Act Faster?”,”uri”:”https://www.forbes.com/sites/forbeschina/2021/09/16/expanding-international-clinical-trials-for-cancer-saves-lives-why-not-act-faster-now/”,”image”:”https://specials-images.forbesimg.com/imageserve/61434a5fba9fe8629f1ddc71/960×0.jpg”}},”id”:”eaqd5h3jmqp400″},{“textContent”:”

Sep 16, 2021,05:46am EDT

Singapore Billionaire’s UOL Unveils London Hotel, Residential Skyscraper Amid Travel Recovery Hopes”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 16, 2021″,”hourMinute”:”05:46″,”amPm”:”am”,”isEDT”:true},”index”:7,”title”:”Singapore Billionaire’s UOL Unveils London Hotel, Residential Skyscraper Amid Travel Recovery Hopes”,”uri”:”https://www.forbes.com/sites/jonathanburgos/2021/09/16/singapore-billionaires-uol-unveils-43-story-london-hotel-residential-skyscraper-amid-travel-recovery-hopes/”,”image”:”https://specials-images.forbesimg.com/imageserve/6142dd9cbb2205f3ece4b176/960×0.jpg”}},”id”:”19h723q187lk00″}],”breakpoints”:[{“breakpoint”:”@media all and (max-width: 767px)”,”config”:{“enabled”:false}},{“breakpoint”:”@media all and (max-width: 768px)”,”config”:{“inView”:2,”slidesToScroll”:1}},{“breakpoint”:”@media all and (min-width: 1681px)”,”config”:{“inView”:6}}]};

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Sep 13, 2021,11:55am EDT

Billionaire Vincent Lo’s Shui On Land Submits Plan To List Shanghai’s Trendy Xintiandi”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 13, 2021″,”hourMinute”:”11:55″,”amPm”:”am”,”isEDT”:true},”index”:1,”title”:”Billionaire Vincent Lo’s Shui On Land Submits Plan To List Shanghai’s Trendy Xintiandi”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/09/13/billionaire-vincent-los-shui-on-land-submits-plan-to-list-shanghais-trendy-xintiandi/”,”image”:”https://specials-images.forbesimg.com/imageserve/613f713036274ce8befeb635/960×0.jpg”}},”id”:”2mmi3fh9mcgc00″},{“textContent”:”

Sep 13, 2021,06:40am EDT

Kakao Founder’s Wealth Tumbles $4.5 Billion As Regulators Take Aim At Korea’s Internet Giants”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 13, 2021″,”hourMinute”:”06:40″,”amPm”:”am”,”isEDT”:true},”index”:2,”title”:”Kakao Founder’s Wealth Tumbles $4.5 Billion As Regulators Take Aim At Korea’s Internet Giants”,”uri”:”https://www.forbes.com/sites/ralphjennings/2021/09/13/kakao-founders-wealth-tumbles-45-billion-as-regulators-take-aim-at-koreas-internet-giants/”,”image”:”https://specials-images.forbesimg.com/imageserve/613f283f5d1a16e3663cdaac/960×0.jpg”}},”id”:”9l1h7546gmlo00″},{“textContent”:”

Sep 13, 2021,04:05am EDT

Samsung Galaxy Z Flip 3 Review: The Cheapest, Most Mainstream-Ready Foldable”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 13, 2021″,”hourMinute”:”04:05″,”amPm”:”am”,”isEDT”:true},”index”:3,”title”:”Samsung Galaxy Z Flip 3 Review: The Cheapest, Most Mainstream-Ready Foldable”,”uri”:”https://www.forbes.com/sites/bensin/2021/09/13/samsung-galaxy-z-flip-3-review-the-cheapest-most-mainstream-ready-foldable/”,”image”:”https://specials-images.forbesimg.com/imageserve/613eeb129a9749bdb1ac0cbc/960×0.jpg”}},”id”:”7ikm669oaanc00″},{“textContent”:”

Sep 13, 2021,02:08am EDT

Soho China Plunges 35% On Uncertain Future After $3 Bln Blackstone Acquisition Evaporates”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 13, 2021″,”hourMinute”:”02:08″,”amPm”:”am”,”isEDT”:true},”index”:4,”title”:”Soho China Plunges 35% On Uncertain Future After $3 Bln Blackstone Acquisition Evaporates”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/09/13/soho-china-plunges-35-on-uncertain-future-after-3-bln-blackstone-acquisition-evaporates/”,”image”:”https://specials-images.forbesimg.com/imageserve/613ee76ad8e1f4c3f93cdaaa/960×0.jpg”}},”id”:”ae68qbler9ho00″},{“textContent”:”

Sep 13, 2021,12:45am EDT

Malaysian Tycoon Jeffrey Cheah’s Sunway, Partner Win Singapore Housing Site With $277 Million Bid”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 13, 2021″,”hourMinute”:”12:45″,”amPm”:”am”,”isEDT”:true},”index”:5,”title”:”Malaysian Tycoon Jeffrey Cheah’s Sunway, Partner Win Singapore Housing Site With $277 Million Bid”,”uri”:”https://www.forbes.com/sites/jonathanburgos/2021/09/13/malaysian-tycoon-jeffrey-cheahs-sunway-partner-win-singapore-housing-site-with-277-million-bid/”,”image”:”https://specials-images.forbesimg.com/imageserve/613ccdfdb8b6c423ff0110ff/960×0.jpg”}},”id”:”222hrrljb60600″},{“textContent”:”

Sep 12, 2021,01:01pm EDT

Soho China Billionaire Couple Lose Suitor As $3 Bln Acquisition Talks With Blackstone End”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 12, 2021″,”hourMinute”:”01:01″,”amPm”:”pm”,”isEDT”:true},”index”:6,”title”:”Soho China Billionaire Couple Lose Suitor As $3 Bln Acquisition Talks With Blackstone End”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/09/12/soho-china-billionaire-couple-lose-suitor-as-3-bln-acquisition-talks-with-blackstone-end/”,”image”:”https://specials-images.forbesimg.com/imageserve/613e30f6b0d079b7e8e02dc0/960×0.jpg”}},”id”:”d1jhrh66o98g00″},{“textContent”:”

Sep 12, 2021,12:01pm EDT

Resumption Of Business Travel Tops Amcham China Concerns – Survey”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Sep 12, 2021″,”hourMinute”:”12:01″,”amPm”:”pm”,”isEDT”:true},”index”:7,”title”:”Resumption Of Business Travel Tops Amcham China Concerns – Survey”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/09/12/resumption-of-business-travel-tops-amcham-china-concerns–survey/”,”image”:”https://specials-images.forbesimg.com/imageserve/613e14debcac8c81a9feb635/960×0.jpg”}},”id”:”63k341ar4b6k00″}],”breakpoints”:[{“breakpoint”:”@media all and (max-width: 767px)”,”config”:{“enabled”:false}},{“breakpoint”:”@media all and (max-width: 768px)”,”config”:{“inView”:2,”slidesToScroll”:1}},{“breakpoint”:”@media all and (min-width: 1681px)”,”config”:{“inView”:6}}]};

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Ford Motor Company announced last week that it would stop producing cars in India as the global auto industry continues to grapple with a shortfall in semiconductors and other components due to supply chain disruptions. 

The Dearborn, Michigan-headquartered company, which has been operating in India for 25 years, is following in the footsteps of other U.S. vehicle makers–General Motors and Harley-Davidson–by shutting down its factories in the country. 

 Ford said Thursday that it had considered several options, but concluded that it had “not been able to find a sustainable path forward to long-term profitability that includes in-country vehicle manufacturing.” The company accumulated losses of more than $2 billion over the past 10 years and demand for new vehicles had been weak.

“It is fundamentally a cultural or mindset issue with a lot of western manufacturers,” Hormazd Sorabjee, editor of Autocar India, said in an interview with the Economic Times. “Their cost structures and the way they think about cost are just totally out of whack with what needs to be done in India.”

Ford’s exit comes at a time when the wider auto industry is facing a global shortage of semiconductor chips and other parts. The demand for chips has ramped up as the pandemic forced millions of people to work from home while supply chains were disrupted by lockdowns and other restrictions.  

Maruti Suzuki, the market leader in India, Toyota and Mahindra & Mahindra have all announced cutbacks in production of their vehicles due to the chip shortage. Mahindra & Mahindra of billionaire Anand Mahindra has launched a bigger SUV, named XUV700, but has not yet announced a firm launch date. The vehicle is expected to hit the market in October.

Ford said the restructuring will cost the automaker roughly $2 billion and it will affect about 4,000 employees as it stops making cars at its factories in Sanand, Gujarat, and Chennai, Tamil Nadu. More than 500 employees at the Sanand facility will continue to produce engines for export, and about 100 employees are needed for parts distribution and customer service. Sales of the company’s current vehicles, such as Figo, Aspire, Freestyle, EcoSport and Endeavour, will cease once existing dealer inventories run out.

The automaker’s withdrawal comes at a time when the Indian passenger vehicle market has been in a decline over the last five years. Passenger vehicle sales in 2020-21 (following the April-March accounting period) were 2.71 million units, compared with 2.77 million units the previous year, according to the Society of Indian Automobile Manufacturers (SIAM). Sales had reached a peak of 3.37 million in 2018-19.

As part of Ford’s restructuring plan, the company said it intends to expand its Ford Business Solutions operations, which now has more than 11,000 employees. The team will support the global operations, and focus on engineering and technology. The expansion will provide more opportunities for software developers, data scientists, R&D engineers, and finance and accounting professionals, according to the release. 

Ford entered India in 1995 in partnership with the Mumbai-headquartered Mahindra & Mahindra, which was then largely a manufacturer of tractors and utility vehicles. It constructed a greenfield plant near Chennai from where it launched a mid-size, entry-level sedan named Ikon as its first product for the Indian market. The partnership with Mahindra ended after a few years, only for the two to partner up again in 2017. Even this did not last long and towards the end of 2020, the partnership was called off.

General Motors stopped selling cars in India at the end of 2017, after two decades of operating in the country. It sold one of its plants to long-time partner, China’s SAIC Motor Corp, and was in talks to sell the second plant to Great Wall Motors of China, a plan that had to be put on hold because of the Covid-19 pandemic and also due to the border standoff between India and China.

The iconic motorcycle brand Harley-Davidson, a more recent entrant into India, stopped its assembly operations in the country as part of its global restructuring plan in 2020. The Donald Trump Administration had tried to persuade India to cut its import duties on imported motorcycles, but had only limited success.

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Aug 30, 2021,12:30am EDT

Singapore Property Billionaire Sells Over Half Of Condo Project During Weekend Launch Amid Housing Boom”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 30, 2021″,”hourMinute”:”12:30″,”amPm”:”am”,”isEDT”:true},”index”:1,”title”:”Singapore Property Billionaire Sells Over Half Of Condo Project During Weekend Launch Amid Housing Boom”,”uri”:”https://www.forbes.com/sites/jonathanburgos/2021/08/30/singapore-property-billionaire-sells-over-half-of-condo-project-during-weekend-launch-amid-housing-boom/”,”image”:”https://specials-images.forbesimg.com/imageserve/612c2108711d7b2359cf31df/960×0.jpg”}},”id”:”9hc057emk18g0″},{“textContent”:”

Aug 30, 2021,12:05am EDT

Xiaomi Mix 4 Review: Number One For A Reason”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 30, 2021″,”hourMinute”:”12:05″,”amPm”:”am”,”isEDT”:true},”index”:2,”title”:”Xiaomi Mix 4 Review: Number One For A Reason”,”uri”:”https://www.forbes.com/sites/bensin/2021/08/30/xiaomi-mix-4-review-number-one-for-a-reason/”,”image”:”https://specials-images.forbesimg.com/imageserve/6129f78e3398cc9037b60203/960×0.jpg?cropX1=0&cropX2=2384&cropY1=113&cropY2=1454″}},”id”:”54p97i0bna6k00″},{“textContent”:”

Aug 29, 2021,09:41pm EDT

Global EV Sales Rose 160% In First Half, Overcoming Component Shortages And Covid – Canalys”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 29, 2021″,”hourMinute”:”09:41″,”amPm”:”pm”,”isEDT”:true},”index”:3,”title”:”Global EV Sales Rose 160% In First Half, Overcoming Component Shortages And Covid – Canalys”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/08/29/global-ev-sales-rose-160-in-first-half-overcoming-component-shortages-and-covid–canalys/”,”image”:”https://specials-images.forbesimg.com/imageserve/612c33dc5222d0d25e3ebad4/960×0.jpg”}},”id”:”cn751gdeb2rc00″},{“textContent”:”

Aug 28, 2021,11:40pm EDT

U.S.-China Cancer Collaboration Could Open Door For New “Ping-Pong Diplomacy”: Kevin Rudd”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 28, 2021″,”hourMinute”:”11:40″,”amPm”:”pm”,”isEDT”:true},”index”:4,”title”:”U.S.-China Cancer Collaboration Could Open Door For New “Ping-Pong Diplomacy”: Kevin Rudd”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/08/28/us-china-cancer-collaboration-could-open-door-for-new-ping-pong-diplomacy-kevin-rudd/”,”image”:”https://specials-images.forbesimg.com/imageserve/612afe6e9d0131c310c3fdbd/960×0.jpg”}},”id”:”pe2ok02qb9m80″},{“textContent”:”

Aug 28, 2021,08:30am EDT

India’s Specialty Chemicals Boom Creates A New Billionaire”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 28, 2021″,”hourMinute”:”08:30″,”amPm”:”am”,”isEDT”:true},”index”:5,”title”:”India’s Specialty Chemicals Boom Creates A New Billionaire”,”uri”:”https://www.forbes.com/sites/anuraghunathan/2021/08/28/indias-specialty-chemicals-boom-creates-a-new-billionaire/”,”image”:”https://specials-images.forbesimg.com/imageserve/612a28a929670c8088b60203/960×0.jpg”}},”id”:”2hehqh6d8dpc00″},{“textContent”:”

Aug 27, 2021,12:47pm EDT

China Electric Vehicle Leader BYD Reports 29% Drop In 1st Half Profit Amid Rising Costs”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 27, 2021″,”hourMinute”:”12:47″,”amPm”:”pm”,”isEDT”:true},”index”:6,”title”:”China Electric Vehicle Leader BYD Reports 29% Drop In 1st Half Profit Amid Rising Costs”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/08/27/china-electric-vehicle-leader-byd-reports-29-drop-in-1st-half-profit-amid-rising-costs/”,”image”:”https://specials-images.forbesimg.com/imageserve/6129167de94de4458bfd57cc/960×0.jpg”}},”id”:”40j1inpl5hqc00″},{“textContent”:”

Aug 27, 2021,11:46am EDT

Tonight! Novartis, Roche, BeiGene, Others Discuss Global Fight Against Cancer In Covid Era”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 27, 2021″,”hourMinute”:”11:46″,”amPm”:”am”,”isEDT”:true},”index”:7,”title”:”Tonight! Novartis, Roche, BeiGene, Others Discuss Global Fight Against Cancer In Covid Era”,”uri”:”https://www.forbes.com/sites/russellflannery/2021/08/27/tonight-novartis-roche-beigene-others-discuss-global-fight-against-cancer-in-covid-era/”,”image”:”https://specials-images.forbesimg.com/imageserve/6129082235e370f10dcf31d1/960×0.jpg”}},”id”:”br0n7pmlii4g00″},{“textContent”:”

Aug 27, 2021,03:45am EDT

Why Jerome Powell Could Be Trapped At Zero For Years”,”scope”:{“topStory”:{“date”:{“monthDayYear”:”Aug 27, 2021″,”hourMinute”:”03:45″,”amPm”:”am”,”isEDT”:true},”index”:8,”title”:”Why Jerome Powell Could Be Trapped At Zero For Years”,”uri”:”https://www.forbes.com/sites/williampesek/2021/08/27/why-jerome-powell-could-be-trapped-at-zero-for-years/”,”image”:”https://specials-images.forbesimg.com/imageserve/612881a92b165d937ae6d0f4/960×0.jpg?cropX1=0&cropX2=1327&cropY1=28&cropY2=775″}},”id”:”chgmpc0ojk8000″}],”breakpoints”:[{“breakpoint”:”@media all and (max-width: 767px)”,”config”:{“enabled”:false}},{“breakpoint”:”@media all and (max-width: 768px)”,”config”:{“inView”:2,”slidesToScroll”:1}},{“breakpoint”:”@media all and (min-width: 1681px)”,”config”:{“inView”:6}}]};

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Sen. Cassidy Says McConnell ‘Will Be For’ Biden’s $1 Billion Infrastructure Bill—But Big Opposition Remains”,”scope”:{“topStory”:{“title”:”Sen. Cassidy Says McConnell ‘Will Be For’ Biden’s $1 Billion Infrastructure Bill—But Big Opposition Remains”,”uri”:”https://www.forbes.com/sites/jonathanponciano/2021/06/27/sen-cassidy-says-mcconnell-will-be-for-bidens-1-billion-infrastructure-bill-but-big-opposition-remains/”,”date”:{“monthDayYear”:”Jun 27, 2021″,”hourMinute”:”01:29″,”amPm”:”pm”,”isEDT”:true},”index”:1}},”id”:”3c88c7q7llpo00″},{“textContent”:”

Jun 27, 2021,11:54am EDT

‘Fiat Is Fraud’: Mexican Billionaire Pushes To Make His Bank Mexico’s First To Accept Bitcoin In Overnight Tweetstorm”,”scope”:{“topStory”:{“title”:”‘Fiat Is Fraud’: Mexican Billionaire Pushes To Make His Bank Mexico’s First To Accept Bitcoin In Overnight Tweetstorm”,”uri”:”https://www.forbes.com/sites/jonathanponciano/2021/06/27/fiat-is-fraud-mexican-billionaire-pushes-to-make-his-bank-mexicos-first-to-accept-bitcoin-in-overnight-tweetstorm/”,”date”:{“monthDayYear”:”Jun 27, 2021″,”hourMinute”:”11:54″,”amPm”:”am”,”isEDT”:true},”index”:2}},”id”:”8opehmr4qjdk00″},{“textContent”:”

Jun 27, 2021,07:30am EDT

5 Utility Dividends Up To 9.9%”,”scope”:{“topStory”:{“title”:”5 Utility Dividends Up To 9.9%”,”uri”:”https://www.forbes.com/sites/brettowens/2021/06/27/5-utility-dividends-up-to-99/”,”date”:{“monthDayYear”:”Jun 27, 2021″,”hourMinute”:”07:30″,”amPm”:”am”,”isEDT”:true},”index”:3}},”id”:”6j0idnh2aok000″},{“textContent”:”

Jun 26, 2021,05:40pm EDT

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Jun 25, 2021,05:25pm EDT

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Jun 25, 2021,03:54pm EDT

Is The Stock Market At A Style Inflection Point?”,”scope”:{“topStory”:{“title”:”Is The Stock Market At A Style Inflection Point?”,”uri”:”https://www.forbes.com/sites/randywatts/2021/06/25/is-the-stock-market-at-a-style-inflection-point/”,”date”:{“monthDayYear”:”Jun 25, 2021″,”hourMinute”:”03:54″,”amPm”:”pm”,”isEDT”:true},”index”:6}},”id”:”7405je1fqe5400″},{“textContent”:”

Jun 25, 2021,12:24pm EDT

A Dose Of Inflation May Be Just What Retailers Need”,”scope”:{“topStory”:{“title”:”A Dose Of Inflation May Be Just What Retailers Need”,”uri”:”https://www.forbes.com/sites/gregpetro/2021/06/25/a-dose-of-inflation-may-be-just-what-retailers-need/”,”date”:{“monthDayYear”:”Jun 25, 2021″,”hourMinute”:”12:24″,”amPm”:”pm”,”isEDT”:true},”index”:7}},”id”:”7fh170j871oo00″}],”breakpoints”:[{“breakpoint”:”@media all and (max-width: 767px)”,”config”:{“enabled”:false}},{“breakpoint”:”@media all and (max-width: 768px)”,”config”:{“inView”:2,”slidesToScroll”:1}},{“breakpoint”:”@media all and (min-width: 1681px)”,”config”:{“inView”:6}}]};

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Two months after the Texas power grid froze up during a historic deep freeze, two months after legislative hearings and firings and finger pointings, on a mild day in mid April, the Electric Reliability Council of Texas, of ERCOT, again sounded alarms last week that electricity was in tight supply. How can this happen?

ERCOT’s excuses rang hollow and included an uncooperative cold front that increased power demand more than anticipated, and the fact that a quarter of power plants were unavailable because of maintenance ahead of the summer heat. 

ERCOT’s solution to the risk of outtages was to temporarily jack up the prices generators could charge, in hopes that they would send more electrons onto the grid. The first screen shot below show the price boost, to $2,000 per megawatt hour ($2 per kilowatt hour), at 5:25 pm. Again, there were no blackouts at this time, and electricity demand did not outstrip supply.

ERCOT justifies this high transient price on the basis that high prices will incentivize power generators to invest in new plants, or at least crank up the ones they already own. But a funny thing happened when prices hit $2,000 the other day — there was no supply response. More power did not arrive on the market. Indeed, it takes years to build new generators. Mere hours or even a week of price gouging consumers are not enough to encourage new investment.

Maybe that’s because generators appreciate the huge Catch-22 in effect here. Higher prices should bring more generation into the market. But when it does, the extra capacity will end up driving down the price. If anything, there is a massive financial incentive for generation companies to withhold generation.

This isn’t mere conjecture. It has happened before in Texas when GDF Suez gamed in 2013. Did it happen on April 13?

We can’t yet say. There can be many manifestations of collusion. Generator companies can signal each other in the market what they intend to do. “Joe” plans to run today, but “Sally” is off. “Deidre” will be off Tuesday, but “Bob” will run. “Rick” will not fire up for the weekend, so that “Louis” wins in the futures markets. If bridge games can be rigged with codes and signals, electricity markets can be rigged.

Suppose the ERCOT market was forced into corner on April 13.  It may have been done by generation companies deliberately holding back power to drive the price up. Those units running at the height of the crisis could book great profits. Under this hypothetical scenario, perhaps some participants bought futures on the commodities exchanges to profit from the planned withholding. This practice is called cross market manipulation, and it is prohibited under federal laws. 

How would we look for it? For Tuesday, April 13, ERCOT published a list of generation plants that were available to produce electricity. Under ERCOT’s Orwellian doublespeak, it is called the RUC list, for Reliability Unit Commitment. These are units (i.e. power plants) that were available for this event, but, irrationally, their owners had decided to forgo the profits of turning the plants on, perhaps in order to profit elsewhere from either futures contracts, or real-time or day-head ERCOT price and dispatch signals. So ERCOT had to order them online for RUC for capacity. 

Generators have in the past lobbied and won the stipulation that when their plants are ordered on-line for RUC capacity that they receive the highest price available, i.e. the price cap. So a generator that gets RUC’ed online for capacity receives $2,000 per megawatt hour instead of, let’s say, the $35 per megawatt hour it actually costs to run these plants.

This sets up misincentives, like the kind of electric power short squeeze that Enron’s traders could have only dreamt of two decades ago. This about it: if a power producer operates a lot of plants, and knows he can drive the price up to $2,000 per mwh by keeping a few of them offline on a mild April afternoon and triggering the price cap, he’s incentivized to do so.

Among the losers in this scenario — first are the average Texans who would prefer not to overpay for power, and who want nothing more than for the lights to go on when they flip the switch. Second are the small, struggling retail power providers who are already on the brink of financial disaster from February. Third are the regulators like the Public Utilities Commission and the Independent Market Monitor who have lost the respect of market participants for failing to enact common sense oversight.

ERCOT’s data shows that the number of power plants deliberately staying offline on April 13 after their their warnings would have been plenty to ease the supply shortage and keep the price down.  

Texas grid regulators owe it to the state to determine whether any of these market participants had ulterior motives that informed their decisions to keep power offline. A quick inquiry into whether market manipulation occurred would investigate whether any parties trading on commodities exchanges had prior knowledge of the operation of these listed generators in much the same way that the Securities and Exchange Commission finds insider trading. 

The SEC, the Commodities Futures Trading Commission, the FBI, the U.S. Department of Justice, local district attorneys and the Texas Rangers could clear the air quickly. State investigations may actually drive those with knowledge of wrongdoing to speak. Why? There is no white collar wing in the Texas prison system.

The game of withholding power to drive up prices is not new to Texas nor to other markets. Enron taught California the lesson in 2000-2001. It is a taught in MBA programs. It is the outcome predicted by John Nash in his Nobel work “Non-Cooperative Games.”  

But there’s more. As the green ERCOT map below shows, at 6:05 PM, the crisis had passed. Statewide, the market was clearing at less than $100 per megawatt hour, and the market was in balance. But ERCOT applied something they call “Real-Time Price Adders” — boosting power prices by hundreds of dollars per MWH in some areas. But why? The generators were already by then producing enough electricity at the lower price. This is just like the lumber store continuing to price gouge homeowners for batteries and plywood even after a hurricane heads out to sea and evaporates.

Even before last week’s hijinx, Texans have paid $28 billion more for power this year than they would have under an old fashioned regulated market. Don’t expect them to stand for it.

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