Texas’s Largest Power Company Files For Bankruptcy

Reuters reports:

Texas’s largest and oldest electric power cooperative on Monday filed for bankruptcy protection in federal court in Houston, citing a disputed $1.8 billion bill from the state’s grid operator.

Brazos Electric Power Cooperative Inc is one of dozens of electricity providers facing enormous charges stemming from a severe cold snap last month. The fallout threatens utilities and power marketers who collectively face billions of dollars in blackout-related charges, executives said.

The state’s grid operator, Electric Reliability Council of Texas (ERCOT), on Friday said $2.1 billion in initial bills went unpaid, underscoring the financial stress on utilities and power marketers. More providers likely will reject the bills in coming days, executives said.

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Texas electricity firm files for bankruptcy citing $1.8 billion in claims from grid operator https://t.co/G8PkJIxL9p pic.twitter.com/LNSXWGVNJX

— Reuters (@Reuters) March 1, 2021