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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by FOXBUSINESS.COM:

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.”

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To get more information about this article, please visit FOXBUSINESS.COM.

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3 COMMENTS

  1. BS. 4 days without electricity caused 129 billion in economic losses?
    What the hell amount did the democrats China flu cause then.

  2. You know. I’m just shocked that they don’t get on the news channels in every city and tell the people to empty out their pipes by turning off the water and turning on each faucet and put a little antifreeze in the drain. It would cure the burst pipe problem in every household. Buy some bottled water.

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