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Brazos Electric Power Coop has 1.5 million customers across 68 counties.
Brazos said that it received excessively high invoices from the Electric Reliability Council of Texas for collateral and for purported cost of electric service. The invoices were required to be paid within days. As a cooperative, Brazos costs are passed through to its members and retail consumers served by its members. Brazos decided that it won t pass on the ERCOT costs to its members or the consumers. Let me emphasize that this action by Brazos Electric was necessary to protect its member cooperatives and their more than 1.5 million retail members from unaffordable electric bills as we continue to provide electric service throughout the court-supervised process, Clifton Karnei, executive vice president and general manager of Brazos, said in a prepared statement.
Griddy claims it billed some customers tens of thousands of dollars due to skyrocketing wholesale electricity prices. Meanwhile, Brazos Electric Power Cooperative Inc. filed for bankruptcy protection on Monday calling those price increases "devastating."
The largest electricity co-operative in Texas has filed for bankruptcy protection after it received a $2.1 billion bill from the state's grid operator following last month's winter storm that left millions without power.