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BOSTON, March 5 (Reuters) - A go-to lender for U.S. electric cooperatives has $4 billion in exposure to the Texas market, where last month’s deep freeze slammed the finances of several co-ops hit with astronomically high gas and electric prices during the state’s grid blackout.
The latest quarterly financial disclosure from the National Rural Utilities Cooperative Finance Corporation (CFC) shows the Texas market accounts for 15% of the lender’s $27.1 billion in outstanding loans. Dulles, Virginia-based CFC has not had any loan defaults in its electric utility loan portfolio since fiscal 2013.
Numerous Texas electric co-ops are facing potential bankruptcy due to the massive bills incurred when power prices spiked during the Texas freeze that killed several dozen people and left millions without power for days.
By Syndicated Content
By Tim McLaughlin
BOSTON (Reuters) - A go-to lender for U.S. electric cooperatives has $4 billion in exposure to the Texas market, where last monthâs deep freeze slammed the finances of several co-ops hit with astronomically high gas and electric prices during the stateâs grid blackout.
The latest quarterly financial disclosure from the National Rural Utilities Cooperative Finance Corporation (CFC) shows the Texas market accounts for 15% of the lenderâs $27.1 billion in outstanding loans. Dulles, Virginia-based CFC has not had any loan defaults in its electric utility loan portfolio since fiscal 2013.
Numerous Texas electric co-ops are facing potential bankruptcy due to the massive bills incurred when power prices spiked during the Texas freeze that killed several dozen people and left millions without power for days.