Bankruptcy of the largest energy company in the US state of Texas

The main energy company in the US state of Texas, Brazos Electric Power, has filed for bankruptcy and has been declared bankrupt, according to Bloomberg.

Frost and heavy snowfall in Texas caused disruptions to the state’s electricity grid and as a result millions of residents were completely or partially without power. In light of this, being able to continue to operate energy companies, prices rose and many residents of the state received hefty electricity bills.

“CNN” reported that the state’s electrical system for a period of 3-4 days was on the verge of complete collapse.

Fallout from the snowstorm forced Brazos Electric Power to seek protection in the lenders court, the agency said. The company has estimated the size of its assets and receivables to be between $ 1 billion and $ 10 billion.

Source: TASS

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