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HOUSTON – 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 article goes on to state the following:
Unusually frigid temperatures knocked out nearly half of the state’s power plants in mid-February, leaving 4.3 million people without heat or light for days and bursting water pipes that damaged homes and businesses. Brazos and others that committed to provide power to the grid and could not, were required to buy replacement power at high rates and cover other firms’ unpaid fees.
The state’s grid operator, Electric Reliability Council of Texas (ERCOT), said last week that there is $2.1 billion in initial bills that have gone unpaid. This is likely just the beginning with unpaid bills executives said.
CEO & Chief Strategist of Quill Intelligence LLC, Danielle DiMartino Booth tweeted Monday, “Brazos Electric Power Cooperative filed for Ch 11. It listed both est assets & liabilities of $1B-$10B. Brazos likely to be one of many after 4M homes & businesses went w/o heat, light & water during deep winter freeze. This caused as much as $129B in economic losses.”
Brazos Electric Power Cooperative filed for Ch 11. It listed both est assets & liabilities of $1B-$10B. Brazos likely to be one of many after 4M homes & businesses went w/o heat, light & water during deep winter freeze. This caused as much as $129B in economic losses.@business
— Danielle DiMartino Booth (@DiMartinoBooth) March 1, 2021
Brazos Electric Power Cooperative Inc in Texas filed for bankruptcy protection Monday, citing a massive bill from the state’s electricity grid operator following last month’s winter storm that left millions of residents without power for days.https://t.co/EoTGIkgS8p
— Jaclyn Diaz (@jaclynmdiaz) March 1, 2021
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