By Reuters Staff
2 Min Read
(Reuters) - Electricity and gas provider Just Energy Group Inc said it filed for creditor protection in Canada and plans to do the same in the United States, citing massive costs from the Texas deep freeze last month.
It became the second Texas electricity company to take the step in the face of extraordinary electricity charges during the cold snap.
Last week, Texas’ largest and oldest electric power cooperative, Brazos Electric Power Cooperative Inc, filed for bankruptcy protection in Houston, citing a disputed $1.8 billion debt to the state’s grid operator.
Just Energy said on Tuesday it expects to receive a loan that would enable it to pay the state’s grid operator more than $250 million for power. It would be unable to cover the bill without the loan.
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