Biggest, Oldest Texas Electric Power Co-op Declares Bankruptcy

(Houston, TX) — The oldest and biggest electric power co-op in Texas is declaring bankruptcy because of a monstrously large bill from the state’s grid operator.

Brazos Electric Power Cooperative, based in Waco, filed for bankruptcy protection after getting a bill for one-point-eight billion dollars from the Electric Reliability Council of Texas, known as ERCOT. Brazos is one of dozens of electricity providers facing huge charges from last month’s brutal cold snap.

ERCOT pushed up spot-market rates for power and piled on service fees that were 500 times the usual rate.