Throughout the forthcoming financial restructuring process, Brazos Electric will remain committed to the following: As a cooperative whose costs are passed through to its members, and which are ultimately borne by Texas retail consumers served by its Member cooperatives, Brazos Electric determined that it cannot and will not foist this catastrophic financial event on its members and those consumers. As a result of the catastrophic failures due to the storm, Brazos Electric was presented with excessively high invoices by ERCOT for collateral and for purported cost of electric service, payment of which was required within days. Before the severe cold weather that blanketed Texas with sub-freezing temperatures February 13-19, Brazos Electric was in all respects a financially robust, stable company with a clear vision for its future and a strong “A” to “A+” credit rating.
#MIDSOUTH SYNERGY CONTACT FULL#
See the full member list here.īrazos Electric cites the severe winter storms as the impetus for the filing: “Before the severe cold weather… Brazos Electric was in all respects a financially robust, stable company… As a result of the catastrophic failures due to the storm, Brazos Electric was presented with excessively high invoices by ERCOT for collateral and for purported cost of electric service, payment of which was required within days.” The press release goes on to state that it “cannot and will not foist this catastrophic financial event” on power consumers.īrazos Electric initiated this financial restructuring to maintain the stability and integrity of its entire electric cooperative system. Monday’s filing begins a financial restructuring process for the co-op.īrazos Electric is the wholesale power supplier for its 16 member-owner distribution cooperatives and one municipal system, including the Brazos Valley’s Mid-South Synergy – Navasota and Navasota Valley Electric Franklin. WACO, Texas (KBTX) - Brazos Electric Power Cooperative has filed for bankruptcy in a Houston federal court, citing assets and liabilities between $1 billion and $10 billion.
0 kommentar(er)
