The leading energy company in the US state of Texas Brazos Electric Power Cooperative has declared itself bankrupt and has asked for protection from creditors. This was reported on Monday by the agency Bloomberg .
Severe frosts and heavy snowfalls in Texas have led to numerous disruptions to the state's electrical system. As a result, millions of residents were either completely or partially deprived of electricity. Those energy companies that were able to keep going, inflated prices for their services, and many residents of the state received huge electricity bills. For three to four days, CNN later reported that the state's power system was on the verge of total collapse.
The consequences caused by the elements - both technical malfunctions and claims filed by contractors and consumers - forced Brazos Electric Power Cooperative to seek protection in court in property debtors, the agency explained. The company has estimated its assets and liabilities at $ 1-10 billion. It distributes electricity to 16 distributors, who in turn deliver it to end consumers.