Third Texas Power Company Declares Bankruptcy

CBS News reports:

Griddy Energy, the Texas electricity provider accused of charging customers thousands of dollars during Winter Storm Uri, said today it has filed for bankruptcy.

Griddy was a “thriving business with more than 29,000 customers” before the winter storm struck, CEO Michael Fallquist said in a statement. The storm with record-low temperatures sparked a weeklong freeze and left millions of people without power across Texas, causing an estimated $195 billion to $295 billion in property and economic damage.

Griddy is the third Texas energy provider to file for bankruptcy since the storm. Brazos Electric Power Cooperative, which served more than 1.5 million Texans, filed for Chapter 11 after accumulating $2.1 billion in bills. Just Energy Group also filed for bankruptcy protection earlier this month.

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