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March 1, 2021
Texas’s largest and oldest electric power cooperative on Monday filed for bankruptcy protection in federal court in Houston, citing a disputed $1.8 billion bill from the state’s grid operator.
Brazos Electric Power Cooperative Inc is one of dozens of electricity providers facing enormous charges for power and fees during a severe cold snap last month. The fallout threatens utilities and power marketers who collectively face billions of dollars in blackout-related charges, executives said.
Unusually frigid temperatures knocked out nearly half of the state’s power plants in mid-February, leaving 4.3 million people without heat or light for days and bursting water pipes that damaged homes and businesses. Brazos and others that committed to provide power to the grid and could not, were required to buy replacement power at high rates.
iPolitics By iPolitics. Published on Mar 1, 2021 12:50pm An oil terminal in North York, Ont. (Rene Johnston/Toronto Star)
The Lead
A Reuters survey has found that the Organization of the Petroleum Exporting Countries’s (OPEC) oil output fell to 24.89 million barrels per day (bdp) in February. This value was down 870,000 bpd from January, reflecting the first monthly decline since June 2020.
“So far, the members of the alliance have been cooperating and implementing the cuts in exemplary fashion,” said analyst Eugen Weinberg at Commerzbank. “We believe that the high prices will prompt OPEC+ to step up its production by 500,000 barrels per day, while at the same time withdrawing Saudi Arabia’s additional production cut.”
Steve Eppley of Boynton Beach received quite a shock this month from his homeowner’s insurance provider.
He was hit with a $1,000 hike in one year for a home he’s owned since 2006, and he has never filed a claim.
“I calculated it to be a 52 percent increase,” Eppley said. “It’s not fair. What they’re doing isn’t fair.”
What happened to Eppley isn’t uncommon.
Homeowners insurance companies across the state of Florida are giving bad news to their customers with rate hikes between 20 to 50 percent.
Tasha Carter, Florida’s Insurance Consumer Advocate, said as many as 90 companies operating in the state filed for rate hikes last year.
<figcaption> Residents evacuate the Rebekah Baines Johnson Center in Austin on Feb. 17, 2021. The center lost power as a result of the winter storm that hit the state. <cite>Credit: The Texas Tribune</cite>
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