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Texas Electric Co-op Files For Bankruptcy, Received $2.1 Billion In Invoices From ERCOT
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Brazos Electric Power Cooperative, Inc. filed a voluntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for Southern District of Texas (Houston)
Estimated liabilities were $1 billion to $10 billion
The filing listed ERCOT's disputed unsecured claim as $1.8 billion. Brazos was presented with invoices from ERCOT amounting to over $2.1 billion after the recent weather event
"The Black Swan Winter Event caused ERCOT wholesale market to incur charges of $55 billion over a seven-day period, an amount equal to what it ordinarily incurs over four years. Notwithstanding Brazos Electric's efforts to leverage low prices available in ERCOT through various markets, including real-time energy market and the Day-Ahead Market, Brazos' share of those charges are estimated at $2.1 billion for the seven-day Black Swan Winter Event, whereas Brazos Electric's total power cost to its Co-Op Members in 2020 was $774 million," Brazos's Executive Vice President stated in a filing accompanying the petition
Brazos also reported collateral calls from ERCOT of up to $1.6 billion
In a filing accompanying the petition, Brazos's Executive Vice President stated that Brazos Electric responded to this demand for payment with a Force Majeure Event letter, and informed ERCOT that it was abating payment pending resolution of the Force Majeure Event.
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March 1, 2021
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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