Texas Power Companies Face Liquidity Crisis as Bills Mount
- Billions of dollars in invoices outstanding: grid operator
- Next two days critical to resolving financial obligations
A worker repairs a power line in Austin, Texas.
Photographer: Thomas Ryan Allison/BloombergThis article is for subscribers only.
Texas’s grid operator has already seen some retail electricity providers default as bills for last week’s grid emergency come due, officials said Wednesday.
The Electric Reliability Council of Texas, known as Ercot, is working to manage ongoing financial stress in the power market as several billions of dollars in invoices are still outstanding from the grid emergency that saw power prices hit $9,000 a megawatt-hour for several days, according to Kenan Ögelman, vice president of commercial operations. The next two days will be critical in resolving financial obligations, he said during a board meeting Wednesday.