Texas PUC Outlines Review of Response to Power Disaster powermag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from powermag.com Daily Mail and Mail on Sunday newspapers.
The state’s energy grid operator overcharged power companies by roughly $3 billion after the winter storm, the chairman of Texas’ utility regulator said Thursday, pushing back on a previous report from an agency watchdog that said the companies were overcharged by $16 billion.
The state’s energy grid operator overcharged power companies by roughly $3 billion after the winter storm not $16 billion, the chairman of Texas’ utility regulator said Thursday.
CPS Energy s credit rating takes a hit because of $1B in storm costs
FacebookTwitterEmail
A Valero Energy Corp. refinery in Corpus Christi, Texas, U.S., Friday, Feb. 19, 2021. CPS Energy and other utilities are facing billions in costs from purchasing natural gas during last month’s winter storm at exorbitant prices. Photographer: Eddie Seal/BloombergEddie Seal /Bloomberg
As CPS Energy wrestles with more than $1 billion in debt from last month’s winter storm, credit rating agencies are getting nervous about the utility’s financial health.
Fitch Ratings cut CPS’s bond rating, and both Fitch and Moody’s Investor Services changed their outlook for the city-owned utility from stable to negative.
To embed, copy and paste the code into your website or blog:
In the days following Texas’s February 2021 winter storm event, unofficially named Winter Storm Uri, we have received many questions from out-of-state colleagues and clients particularly from those living in colder climates asking how one winter storm could possibly have wreaked the havoc that it did in Texas. The answer is surprisingly complex, and has nothing to do with Texans’ alleged lack of fortitude in cold weather. This was a humanitarian and economic disaster, the legal and economic fallout of which will be felt for years to come.