Mar 02, 2021
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The oldest and largest electricity cooperative in Texas filed for Chapter 11 bankruptcy protection after the devastating winter storm in February.
Brazos Electric Power Cooperative filed its bankruptcy petition after racking up bills owed to the state's grid operator, the Electric Reliability Council of Texas (ERCOT), in connection with the outages.
Power companies that went down during the storm from Feb. 13-19 were required to pay for replacement power sources at what Brazos described as "excessively high" rates.
The Waco, Texas-based Brazos said it was presented with a bill for more than $2.1 billion for seven days of what it called a "black swan winter event." It refused to pay, saying the winter storm legally eliminated its requirement to do so.