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 issued on Monday, 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.
Brazos Electric’s general manager stated in the news release that “We expect this court-supervised process will provide us with the protections and mechanism to protect and preserve our assets and operations, and satisfy obligations to our creditors.”
Click HERE to read and download the Brazos Electric news release.
According to the brazoselectric.com website, the 17 members are:
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