The largest electricity cooperative in Texas, seized in mid-February by a cold snap with spectacular consequences, placed itself under bankruptcy protection on Monday because it was unable to pay the bills of the operator of the Ercot electricity network.
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Brazos Electric Power Cooperative, which serves more than 1.5 million customers in the southern state of the United States, said in a statement that it had taken this decision
"to maintain the stability and integrity of all of its cooperative electricity system ',
basically so as not to cut off the power.
Millions of Texans were deprived of electricity and clean water when their state, accustomed to milder temperatures, was suddenly frozen over by a polar cold spell from February 13 to 19.
Before these bad weather, Brazos Electric
"was in all respects a financially strong and stable company with a clear vision of its future"
and a solvency considered
"strong"
by the rating agencies, she said.
But Ercot, the body in charge of managing most of the power grid in Texas, presented him with bills deemed
"excessively high"
, to be paid
"within a few days"
.
The addition totals $ 1.8 billion, according to the case filed in bankruptcy court.
Restructure your finances
“As a co-op whose costs are passed on to its members and ultimately to the Texan consumers they serve, Brazos Electric has determined that it cannot and will not inflict this catastrophic financial event on its members and these people. consumers, ”
the company said.
By resorting to Chapter 11 of the American bankruptcy law, the cooperative formed in 1941 to generate and supply electricity to its members will be able to restructure its finances without the pressure of its creditors.
Texas is the only US state whose energy distribution network operates in a vacuum, and its electricity market is completely deregulated.
Prices often fluctuate based on demand, which has led to exorbitant energy bills for some households and some electricity providers.
Ercot has been strongly criticized for his handling of the crisis and his lack of preparation in the face of weather which is admittedly unusual but not unthinkable.
