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EnergyTexas wind farms sue Citigroup over charges from winter storm
Liz Hampton
1/2
The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren
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A Canadian renewable energy firm on Wednesday sued Citigroup Inc for rejecting force majeure declarations during a February winter storm and billing it over $100 million for replacement power, according to lawsuits filed in a Texas state court.
Shannon Wind and Flat Top Wind, subsidiaries of Innergex Renewable Energy Inc (INE.TO), operate North Texas wind farms that halted their wind turbines during an arctic deep freeze. Both had agreements to physically deliver power to Citi Energy, a unit of Citigroup Inc (C.N), at fixed prices.
Texas wind farms sue Citigroup over charges from winter storm
By Liz Hampton
Reuters
(Reuters) -A Canadian renewable energy firm on Wednesday sued Citigroup Inc for rejecting force majeure declarations during a February winter storm and billing it over $100 million for replacement power, according to lawsuits filed in a Texas state court.
Shannon Wind and Flat Top Wind, subsidiaries of Innergex Renewable Energy Inc, operate North Texas wind farms that halted their wind turbines during an arctic deep freeze. Both had agreements to physically deliver power to Citi Energy, a unit of Citigroup Inc, at fixed prices.
Unusually frigid temperatures knocked out nearly half of the state s power plants in mid-February, leaving 4.5 million people without heat or light for days and bankrupting at least three companies due to high wholesale power prices.