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Texas’s largest and oldest electric power cooperative has filed for bankruptcy protection
Posted on 3/1/21 at 10:31 am
Posted on 3/1/21 at 10:31 am
Texas’s largest and oldest electric power cooperative has filed for bankruptcy protection in federal court in Houston, citing a disputed $1.8B bill from the state’s grid operator.
quote:
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 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.
“The municipal power sector is in a real crisis,” said Maulin Patani, a founder of Volt Electricity Provider LP, an independent power marketer that is not a member of the Brazos coop. ERCOT should suspend the service charges to halt further defaults, he said in an interview on Sunday.
https://www.reuters.com/article/us-bankruptcy-brazoselectric-texas-outag-idUSKCN2AT1FE
quote:
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 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.
“The municipal power sector is in a real crisis,” said Maulin Patani, a founder of Volt Electricity Provider LP, an independent power marketer that is not a member of the Brazos coop. ERCOT should suspend the service charges to halt further defaults, he said in an interview on Sunday.
https://www.reuters.com/article/us-bankruptcy-brazoselectric-texas-outag-idUSKCN2AT1FE
Posted on 3/1/21 at 10:35 am to Ailsa
Sounds odd that people get ridiculous bills from suppliers that weren't able to deliver the product.
Posted on 3/1/21 at 10:42 am to Ailsa
This is a age old tactic . They have holding companies that the entities send the money to . This way the local distribution company is the one that faces the problems that may be sued , major losses and of course bankruptcy . Entergy has been pulling this shitt for decades
Posted on 3/1/21 at 10:42 am to Ailsa
I love how there’s *billions* in infrastructure damage and Congress is working on stimulus bills worth TRILLIONS.
Fixing this shite should be a drop in the bucket, but companies will collapse, people losing their lives all so we can send billions abroad to our globalist frenemies
Fixing this shite should be a drop in the bucket, but companies will collapse, people losing their lives all so we can send billions abroad to our globalist frenemies
Posted on 3/1/21 at 11:05 am to BiteMe2020
quote:
Sounds odd that people get ridiculous bills from suppliers that weren't able to deliver the product.
If they were paying spot rates and burnt electricity where the spot was several thousand a kwh then they will.
I got a notice from my provider to not worry, none of their plans are spot rate plans.
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