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Author Topic: Oldest Texas electricity co-op goes bust after $2 billion bill  (Read 350 times)

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Offline corbe

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Oldest Texas electricity co-op goes bust after $2 billion bill
« on: March 01, 2021, 09:14:08 pm »
Oldest Texas electricity co-op goes bust after $2 billion bill

CBSNews  1 hr ago

The largest and oldest power cooperative in Texas is filing for Chapter 11 bankruptcy protection, citing last month's winter storm that left millions of state residents without power.

Brazos Electric Power Cooperative, which serves 16 distribution member co-ops that cater to more than 1.5 million Texans, said Monday that it accumulated $2.1 billion in bills during the severe cold that hit Texas between February 13 and 19.

As temperatures plunged and snow and ice whipped the state over Valentine's Day weekend, much of Texas' power grid collapsed, followed by its water systems. Tens of millions huddled in frigid homes that slowly grew colder or fled for safety. With gas-fueled power plants offline, wells frozen, a nuclear power plant shut down and iced-over wind turbines, the state experienced a severe electricity shortage, and wholesale prices for electricity spiked as high at $9,000 per megawatt-hour.

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https://www.msn.com/en-us/money/markets/oldest-texas-electricity-co-op-goes-bust-after-2-billion-bill/ar-BB1e7PmY?ocid=msedgntp
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Offline GrouchoTex

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Re: Oldest Texas electricity co-op goes bust after $2 billion bill
« Reply #1 on: March 01, 2021, 10:30:46 pm »
The article doesn't say, but I think this one is in the Waco area.
Can anyone confirm?
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Offline Elderberry

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Re: Oldest Texas electricity co-op goes bust after $2 billion bill
« Reply #2 on: March 01, 2021, 10:41:16 pm »
Quote from: GrouchoTex on March 01, 2021, 10:30:46 pm
The article doesn't say, but I think this one is in the Waco area.
Can anyone confirm?

Their headquarters is in Waco

http://www.brazoselectric.com/default.asp
Quote
Brazos Electric is a 3,994 megawatt generation and transmission cooperative whose members' service territory extends across 68 counties from the Texas Panhandle to Houston. Organized in 1941, Brazos Electric was the first cooperative formed in the Lone Star state for the purpose of generating and supplying electrical power. Today, it is the largest generation and transmission cooperative in Texas. Brazos Electric is the wholesale power supplier for its 16 member-owner distribution cooperatives and one municipal system.
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Offline thackney

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Re: Oldest Texas electricity co-op goes bust after $2 billion bill
« Reply #3 on: March 01, 2021, 10:45:51 pm »
Quote from: GrouchoTex on March 01, 2021, 10:30:46 pm
The article doesn't say, but I think this one is in the Waco area.
Can anyone confirm?

Brazos Electric is a 3,994 megawatt generation and transmission cooperative whose members' service territory extends across 68 counties from the Texas Panhandle to Houston. Organized in 1941, Brazos Electric was the first cooperative formed in the Lone Star state for the purpose of generating and supplying electrical power. Today, it is the largest generation and transmission cooperative in Texas. Brazos Electric is the wholesale power supplier for its 16 member-owner distribution cooperatives and one municipal system.



Member Cooperatives
1 - Brazos Electric - Waco
2 - Bartlett Electric - Bartlett
3 - Comanche Electric - Comanche
4 - PenTex Energy - Muenster
5 - CoServ Electric - Corinth
6 - Fort Belknap Electric - Olney
7 - Hamilton County Electric - Hamilton
8 - Heart of Texas Electric - McGregor
9 - HILCO Electric - Itasca
10 - J-A-C Electric - Bluegrove
11 - Mid-South Synergy - Navasota
12 - Navarro County Electric - Corsicana
13 - Navasota Valley Electric - Franklin
14 - South Plains Electric - Lubbock
15 - Tri-County Electric - Azle
16 - United Electric - Cleburne
17 - Wise Electric - Decatur

http://www.brazoselectric.com/

I think we will see a lot electric middleman type suppliers in bankruptcy
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Offline Cyber Liberty

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Re: Oldest Texas electricity co-op goes bust after $2 billion bill
« Reply #4 on: March 02, 2021, 12:34:15 am »
Quote from: thackney on March 01, 2021, 10:45:51 pm
Brazos Electric is a 3,994 megawatt generation and transmission cooperative whose members' service territory extends across 68 counties from the Texas Panhandle to Houston. Organized in 1941, Brazos Electric was the first cooperative formed in the Lone Star state for the purpose of generating and supplying electrical power. Today, it is the largest generation and transmission cooperative in Texas. Brazos Electric is the wholesale power supplier for its 16 member-owner distribution cooperatives and one municipal system.



Member Cooperatives
1 - Brazos Electric - Waco
2 - Bartlett Electric - Bartlett
3 - Comanche Electric - Comanche
4 - PenTex Energy - Muenster
5 - CoServ Electric - Corinth
6 - Fort Belknap Electric - Olney
7 - Hamilton County Electric - Hamilton
8 - Heart of Texas Electric - McGregor
9 - HILCO Electric - Itasca
10 - J-A-C Electric - Bluegrove
11 - Mid-South Synergy - Navasota
12 - Navarro County Electric - Corsicana
13 - Navasota Valley Electric - Franklin
14 - South Plains Electric - Lubbock
15 - Tri-County Electric - Azle
16 - United Electric - Cleburne
17 - Wise Electric - Decatur

http://www.brazoselectric.com/

I think we will see a lot electric middleman type suppliers in bankruptcy

Was Brazos too stupid and greedy to read their contracts, too?  Like you said about people who got $1,700 electric bills?
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Offline thackney

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Re: Oldest Texas electricity co-op goes bust after $2 billion bill
« Reply #5 on: March 02, 2021, 12:52:41 am »
Quote from: Cyber Liberty on March 02, 2021, 12:34:15 am
Was Brazos too stupid and greedy to read their contracts, too?  Like you said about people who got $1,700 electric bills?

No this is not the same situation.  Brazos does own generation.  There a lot of others that will be in this situation I believe.
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Offline Cyber Liberty

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Re: Oldest Texas electricity co-op goes bust after $2 billion bill
« Reply #6 on: March 02, 2021, 01:00:04 am »
Quote from: thackney on March 02, 2021, 12:52:41 am
No this is not the same situation.  Brazos does own generation.  There a lot of others that will be in this situation I believe.

I think you're correct.  The dominoes are only beginning to fall.
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Offline thackney

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Re: Oldest Texas electricity co-op goes bust after $2 billion bill
« Reply #7 on: March 02, 2021, 01:05:31 am »
Quote from: Cyber Liberty on March 02, 2021, 01:00:04 am
I think you're correct.  The dominoes are only beginning to fall.

There are quite a few "retail" companies that own no hardware on the grid, but buy wholesale and sell to the retail consumer.

Griddy is one, but passed 100% of the risk to the user in exchange for very low normal prices.  There are others that have much of the risk themselves.  More than once, smaller events of similar nature caused bankruptcies.
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