Texas power cooperative files for bankruptcy, citing $1.8 billion grid debt

Texas power cooperative files for bankruptcy, citing $1.8 billion grid debt

Via Reuters:

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

Brazos Electric Power Cooperative Inc, which supplies electricity to more than 660,000 consumers across the state, is one of dozens of providers facing enormous charges stemming from a severe cold snap last month. The fallout threatens utilities and power marketers, which collectively face billions of dollars in blackout-related charges, executives said.

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 grid operator, the Electric Reliability Council of Texas (ERCOT), on Friday said that $2.1 billion in initial bills went unpaid, underscoring the financial stress on utilities and power marketers.

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