The state’s largest and oldest electric generator, serving 17 Texas cooperatives including the Navasota Valley and Mid-South Synergy systems, has filed for voluntary bankruptcy protection.
According to a news release, Waco-based “Brazos Electric acts to protect its Member cooperatives and their retail members from unaffordable electric bills”.
This follows Brazos Electric receiving what the news release described was “excessively high invoices by ERCOT for collateral and for purported cost of electric service” from the winter storm, of which the cooperative said payment “was required within days.”
The news release stated “Brazos Electric determined that it cannot and will not foist this catastrophic financial event on its members and those consumers.”