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Mar 01, 2021 09:25 AM EST
Following the winter storm that caused statewide blackouts in Texas, Brazos Electric Power Cooperative, the oldest and largest electric power cooperative in the stated filed for bankruptcy, Monday. The electric provider is hoping to get bankruptcy protection in a Houston federal court, disputing a $1.8 billion bill from the grid operator of the state.
Texas Largest Power Cooperative Files for Bankruptcy
Brazos Electric Power Cooperative Inc. is just one of the dozens of power providers who have been struggling on charges that stemmed from last month s winter snap. According to executives, the winter storm fallout poses a threat to power marketers and utilities who are now facing blackout-related charges which are worth billions of dollars collectively, NPR reported.
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March 1, 2021
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 for power and fees during 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.
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.
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iPolitics By iPolitics. Published on Mar 1, 2021 12:50pm An oil terminal in North York, Ont. (Rene Johnston/Toronto Star)
The Lead
A Reuters survey has found that the Organization of the Petroleum Exporting Countries’s (OPEC) oil output fell to 24.89 million barrels per day (bdp) in February. This value was down 870,000 bpd from January, reflecting the first monthly decline since June 2020.
“So far, the members of the alliance have been cooperating and implementing the cuts in exemplary fashion,” said analyst Eugen Weinberg at Commerzbank. “We believe that the high prices will prompt OPEC+ to step up its production by 500,000 barrels per day, while at the same time withdrawing Saudi Arabia’s additional production cut.”
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