ERCOT CEO Terminated After Deadly Winter Storm
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One of the biggest disasters was the lack of communication from the Electric Reliability Council of Texas and its residents. Texans were kept entirely in the dark about the disaster that was happening right under their noses.
While temperatures began to fall below freezing and power began to trip off, Texans had no idea why and when they would get their electricity turned back on. Never in a million years would they have expected to be without a basic necessity like electricity more than a few hours, let alone days!
Texas
United-states
Texans
Randal-miller
Sally-talberg
Vanessa-anesetti-parra
Terry-bulger
Craig-ivey
Clifton-karnei
Greg-abbott
Peter-cramton
Raymond-hepper
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
United-states
Texas
America
Clifton-karnei
David-jones
United-states-bankruptcy-court
Reliability-council-of-texas
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Brazos-electric-power-cooperative-inc
Brazos-electric-power-cooperative
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Electric-reliability-council