The largest power company in Texas filed for bankruptcy Monday following a historic cold snap that caused week-long blackouts and left at least 4.3 million people without power across the state.
When temperatures in Texas dropped below freezing and caused power grids to fail, energy providers like Brazos Electric Power Cooperative had to purchase replacement power from the state grid operator. The Electric Reliability Council of Texas (ERCOT) imposed high prices on power purchasers in order to cover the cost of other power companies’ electricity use.
