Former Texas Wholesale Electricity Provider Griddy Files For Bankruptcy
HOUSTON (CBSDFW.COM) - Wholesale electricity provider, Griddy, already banned from operating in Texas following February's winter storms, filed for bankruptcy on Monday, March 15.
Wholesale electricity prices surged during the record-cold weather.
Some Griddy customers were left on the hook for electric bills in the thousands of dollars.
Griddy said it owes more than $29 million to ERCOT for power used last month.
Griddy lawyer Derek Potts released the following statement on the bankruptcy filing:
"Griddy's lawyers filed for bankruptcy in federal court in Houston today, minutes before our scheduled court hearing on injunctive relief on behalf of the company's former customers. This action by no means ends our fight to recover the tens of millions of dollars debited from Texans' financial accounts during the storm, and to erase the negative reports made to credit agencies. We will continue to represent the class throughout the bankruptcy proceeding, protecting all Griddy customers and seeking to recover the funds that were taken from them."