Texas Retail Power Provider Griddy Seeking Chapter 11, Says ERCOT Caused ‘Financial Devastation’
Houston-based retail electricity provider (REP) Griddy Energy LLC has filed for Chapter 11 protection in the wake of February’s Winter Storm Uri, which caused power outages along with skyrocketing electricity and natural gas prices.
A proposed reorganization would provide relief to Griddy customers unable to pay their electric bills as a result of scarcity pricing imposed in the wholesale power market during the storm.
Griddy on Monday blamed the Electric Reliability Council of Texas (ERCOT), the independent system operator that manages the flow of electricity to 90% of the state, an estimated 26 million-plus customers. Griddy said ERCOT was responsible for the “financial devastation” stemming from the storm.
North Texans Face More Big Electric Bills in Aftermath of Winter Storm
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Environmental News For The Week Ending 13 March 2019
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Commercial property owners facing huge electricity bills are lining up with Texas consumers for relief
Office and retail landlords and other Texas business are being asked to sign a petition on Change.org asking the Texas Legislature to take action to reverse last month’s ‘price gouging.’
An Oncor electricity power plant at the corner of Altamesa Boulevard and Crowley Road in Fort Worth is shown during the February snowstorm and record-setting cold.(Omar Vega)
Commercial and residential customers in Texas holding high electric bills aren’t sure where they stand almost a month after freezing temperatures left behind a complicated mess.
Texas electricity company Griddy declares bankruptcy as winter storm fallout continues By Khristopher J. Brooks Texas storm exposes issues with power grid
Griddy Energy, the Texas electricity provider accused of charging customers thousands of dollars during Winter Storm Uri, said Monday it has filed for bankruptcy.
Griddy was a thriving business with more than 29,000 customers before the winter storm struck, CEO Michael Fallquist said in a statement. The storm with record-low temperatures sparked a weeklong freeze and left millions of people without power across Texas, causing an estimated $195 billion to $295 billion in property and economic damage.
Griddy is the third Texas energy provider to file for bankruptcy since the storm. Brazos Electric Power Cooperative, which served more than 1.5 million Texans, filed for Chapter 11 after accumulating $2.1 billion in bills. Just Energy Group also filed for bankruptcy protection earlier this month.