The largest power company in Texas filed for bankruptcy Monday following a historic cold snap that caused week-long blackouts and left at least 4.3 million people without power across the state. When.
Skip to main content
Currently Reading
Here s how CPS is paying $1 billion for the natural gas used during February s winter storm
FacebookTwitterEmail
CPS Energy has a $1 billion bill for natural gas to power plants during the Texas winter storm of 2021.Kin Man Hui, San Antonio Express-News / Staff photographer
CPS Energy said it owes $1 billion for natural gas and fees due to the winter storm, as reported by Diego Mendoza-Moyers for the Express-News.
The municipal utility owes $800,000 to natural gas suppliers and $200,000 to the Electric Reliability Council of Texas, according to the report.
CPS officials said they plan to fight the charges and seek funding to pay the bill. However officials also approved plans to take out a $500 million bank loan to pay half the bills and spread the cost out over several years.
DAILY DOSE: March 2, 2021
Posted on 03/02/2021
1. Beaverton, Oregon-based company Nike Inc. terminated an employee. Ann Hebert, Nike’s vice president and general manager of North America, exited the company after Bloomberg Businessweek broke a story on her son. Her son (known as West Coast Joe) was running a business that was reselling sneakers and using a credit card in his mom’s name.
2. JPMorgan CEO Jamie Dimon sees interest rates going up. Dimon said he would not buy 10-year Treasuries.
3. Amazon.com, Inc. is being sued for alleged race and gender discrimination in Washington, D.C.
4. The Biden administration says the U.S. reserves the right to sanction the Saudi Crown Prince in the future if necessary. The Crown Price is the overseer of Saudi Arabia’s Public Investment Fund (PIF). The Biden administration is eyeing more sanctions on Russia.
Fallout from Texas energy crisis continues
On Location: March 2, 2021
Replay Video UP NEXT
Texas lawmakers are looking to hold power companies and the executives who oversee them accountable for Texas recent energy catastrophe, which had deadly consequences. Millions in the state were left without heat and potable water following back-to-back winter storms.
Texas Attorney General Ken Paxton filed a lawsuit Tuesday against utility company Griddy Energy over enormous energy bills some customers incurred as a result of the storm. Bills were allegedly as high as $9,000.
Griddy Energy charges $10 a month to allow residents to pay wholesale prices for electricity instead of a fixed rate. The wholesale prices spiked as temperatures dipped well below freezing as a result of the winter storms, leaving customers with exorbitant bills.MORE: As Texas debates power crisis, El Paso credits its few outages to preparedness
Biggest, Oldest Texas Electric Power Co-op Declares Bankruptcy iheart.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iheart.com Daily Mail and Mail on Sunday newspapers.