Brazos Electric Power Cooperative is expected within days to file a final plan that will...
Brazos Electric Power Cooperative to file a final plan that will map the Central Texas power supplier’s road out of bankruptcy. Brazos filed for Chapter 11 restructuring after ERCOT slapped the company with a $1.9 billion bill for electricity sold to Brazos during the winter storm of Feb. 2021.
“We believe we have an agreement in principle with all the major stakeholders,” said Lou Strubeck. the lawyer representing Brazos. “There will be some final adjustments, but we believe we will have a plan in front of the judge next week for him to approve and will allow us to start moving forward.” Lawyers involved in the bankruptcy say Brazos will not have to pay ERCOT about $500 million that the ERCOT billed the power supplier.
“I want a resolution,” the judge told lawyers at a hearing earlier this year, “for the person that lives in a trailer in Central Texas and lives somehow on $1,800 a month that can’t afford a doubling of their electric bill because that means they can’t buy groceries on the last week of the month. That’s who we need to be working for.”
Most legal experts believed an agreement between Brazos and ERCOT was highly unlikely, as the parties were so far apart on their demands.
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