Texas Power Provider Files for Bankruptcy to Protect Customers
Have you been able to see your power bill yet for the month of February? If not, remember that Governor Abbott made providers delay their billing cycle until the state of Texas could figure out the absolute mess caused by the winter storm just after Valentine's Day.
One Texas utility provider is going all out to protect their customers by filing for bankruptcy. KBTX reports that the Brazos Electric Power Cooperative filed for bankruptcy in Federal Court in Houston. Brazos Electric cites liabilities between $1 billion and $10 billion. Their filing is meant to being to restructure the co-op.
The wholesale supplier says before the winter storms they were a 'healthy and robust' company. Since the storm, Brazos Electric is one of many providers who have been handed ridiculously high invoices from ERCOT for the cost of energy during the blast of winter weather. Brazos has issued a full press release about their bankruptcy filing which can be read below.
The press release states that the company 'will not foist this catastrophic financial event' on power customers. Clifton Karnei, Executive VP and GM of Brazos Electric said, We will prioritize what matters most to our Member cooperatives and their retail members as we, and they, work to return to normalcy. We expect this court-supervised process will provide us with the protections and mechanism to protect and preserve our assets and operations, and satisfy obligations to our creditors.”
It remains to be seen if other providers in Texas will also seek filing for bankruptcy as an option in dealing with the ridiculous power bills that may still be on the way. Our very own Texas Attorney General Ken Paxton and the Consumer Protection Division want all Texans to know of the price increases and wants residents to know they are protected from excessive and unlawful charges. Anyone with an issue can talk to the Office of Public Utility Counsel. Complaints can be filled by visiting: http://txoag.force.com/CPDOnlineForm.