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The Texas grid operator has held talks with financial institutions, including Goldman Sachs Group Inc., about potential financing options to address a shortfall of more than $ 3 billion in electricity payments, some market players are reluctant to pay their share, according to people familiar with the matter.
The Texas Electric Reliability Council has held preliminary discussions with Goldman Sachs investment bankers over measures, such as a potential credit facility, that would cover amounts that electricity buyers do not have. paid after last month’s energy crisis, the people said.
Ercot, which acts as a payment clearinghouse for buyers and sellers of electricity, issued large bills for purchased electricity as a winter frost swept through the state, pushing up prices for the ‘energy. Some municipal utilities, power co-ops and electricity retailers have disputed the bills, while others have declared bankruptcy or signaled they could seek court protection.
Ercot said on Thursday it was nearly $ 3.1 billion missing in required payments, after previously saying it was $ 2.1 billion missing. San Antonio’s electric utility, CPS Energy, filed a lawsuit against Ercot on Friday, seeking to prevent the grid operator from trying to recover from CPS the costs that other energy retailers have not paid.
Ercot let electricity prices soar when last month’s winter storm swept through Texas as demand for electricity increased and some generator sets failed due to fuel shortages and frozen material.
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