Liam Denning, Columnist

Texas Power: No Country for Old Thinking

Panda Thermal's bankruptcy and Griddy's launch are two sides of the same issue.

April 21, 2017 at 12:00 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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It's been kind of a yin-and-yang week in the Texas power market. One business slipped into bankruptcy, while a brand new one launched itself into the world. Fittingly, the stories of these opposites are also intertwined -- and should resonate throughout the electricity sector.

The bankruptcy filing came from Panda Temple Power LLC, an affiliate of privately owned developer Panda Power Funds, which operates a 758-megawatt natural gas-fired generator in Temple, Texas.