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Texas city-run and rural electric firms face bailout over storm crisis Financial strains on Texas city-owned utilities, rural electric cooperatives and the grid operator has spurred calls for state aid and lured private equity firms into plans to fix multi-billion-dollar charges.
FILE PHOTO: An electrical substation is seen after winter weather caused electricity blackouts in Houston, Texas, U.S. February 20, 2021. REUTERS/Go Nakamura
08 Mar 2021 06:06PM Share this content
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REUTERS: Financial strains on Texas city-owned utilities, rural electric cooperatives and the grid operator has spurred calls for state aid and lured private equity firms into plans to fix multi-billion-dollar charges.
Texas city-run and rural electric firms face bailout over storm crisis
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Texas city-run and rural electric firms face bailout over storm crisis
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Austin American-Statesman
Blackouts have ended, but the financial fallout from the recent calamity on the state s power grid is still spreading.
The three main providers of electricity to retail customers in the Austin area Austin Energy, Pedernales Electric Cooperative and Bluebonnet Electric Cooperative all have said their customers won t experience near-term jumps in electricity rates as a result of the historic winter storm that knocked many generators offline during the week of Feb. 15 and triggered huge price increases for wholesale electricity and natural gas.
The long-term outlook for local rates isn t so certain, however, because the statewide ramifications of the breakdown on the power grid overseen by the Electric Reliability Council of Texas aren t yet clear.