Texas' largest power cooperative filed for bankruptcy protection in federal court in Houston on Monday, March 1, citing a disputed $ 1.8 billion debt to the state's grid operator. Court [.]
Thursday, March 4, 2021
On 1 March 2021, Brazos Electric Power Cooperative, Inc. (“Brazos”) commenced a chapter 11 bankruptcy case in the United States Bankruptcy Court for the Southern District of Texas. Brazos is a Texas-based non-profit electric cooperative corporation that provides wholesale electricity to its members, which, in turn, provide retail electricity to Texas consumers. Due to the freezing of essential electric generation and natural gas pipeline equipment during the historic winter storm that blanketed Texas in mid-February 2021 and the resulting spike in wholesale electricity prices, Brazos received approximately $2.1 billion in settlement charge invoices from the Electric Reliability Council of Texas (“ERCOT”). These invoices, promptly issued during and immediately following the storm, required payment within a matter of days. In a declaration accompanying the voluntary bankruptcy petition, Mr. Clifton Karnei, Brazos’ Executive Vice Presid
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Inside Clean Energy: Warren Buffett Explains the Need for a Massive Energy Makeover
A man whose empire includes energy companies says investment in interstate power lines is expensive but essential.
March 4, 2021
Philanthropist Warren Buffett is joined onstage by 24 other philanthropist and influential business people featured on the Forbes list of 100 Greatest Business Minds during the Forbes Media Centennial Celebration at Pier 60 on September 19, 2017 in New York City. Credit: Daniel Zuchnik/WireImage via Getty Images
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Warren Buffett’s annual letters to shareholders are an entertaining read, as if your great-uncle was an investing savant.
In this year’s edition, released on Feb. 27, Buffett has something to say about the transition to clean energy and the necessity of making vast investments in interstate power lines.
Fallout from Texas energy crisis that left millions in the dark continues
Martin Holverda/iStockBy JULIA JACOBO, ABC News
(AUSTIN) Texas lawmakers are looking to hold power companies and the executives who oversee them accountable for Texas’ recent energy catastrophe, which had deadly consequences. Millions in the state were left without heat and potable water following back-to-back winter storms.
Texas Attorney General Ken Paxton filed a lawsuit Tuesday against utility company Griddy Energy over enormous energy bills some customers incurred as a result of the storm. Bills were allegedly as high as $9,000.
Griddy Energy charges $10 a month to allow residents to pay wholesale prices for electricity instead of a fixed rate. The wholesale prices spiked as temperatures dipped well below freezing as a result of the winter storms, leaving customers with exorbitant bills.