ToplineThe Texas power retailer Griddy Energy filed for Chapter 11 bankruptcy protection Monday, making it the third company to do so in the face of sky-high electricity bills issued by the embattled state grid operator after historic winter storms last month. Power lines are seen on February 19, 2021 in Texas City, Texas. As demand for energy skyrocketed in the storms, ERCOT raised prices from below $50 per megawatt hour to the maximum $9,000 per megawatt hour. ERCOT blocked Griddy from the Texas energy market last month after it failed to pay bills. Two other power firms, Just Energy Group Inc and Brazos Electric Power Cooperative, have also filed for bankruptcy over the past month.

Source: Forbes March 15, 2021 20:36 UTC