The financial damage from the deadly Texas blackouts is quickly spreading
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Brazos Electric Power Cooperative, the largest generation and transmission cooperative in Texas, filed for Chapter 11 bankruptcy protection early MondayYi-Chin Lee, Houston Chronicle / Staff photographer
The financial damage of the recent power crisis is quickly spreading, rolling across retail power companies, electric cooperatives and the state’s grid manager itself.
The Electric Reliability Council of Texas, or ERCOT, which runs the state’s wholesale power markets, acknowledged Monday that it is short some $1.6 billion needed to pay generators as electricity buyers default after brutal winter weather sent prices skyrocketing.
The largest and oldest power co-operative in Texas is filing for bankruptcy protection, citing last month’s winter storm that left millions without powe.