New territory: The US$1.3bil shortfall that Ercot faces is unprecedented. It may require a state bailout, according to analysts. — AP
TEXAS: Texas grid operator needs to come up with US$1.3bil to pay power plants for energy they supplied during last week’s historic blackouts, raising the prospect it may require a state bailout.
The Electric Reliability Council of Texas, (Ercot) which manages most of the state’s grid, said it’s still waiting on more than US$2bil in payments from retail power providers and others after a deep winter freeze caused energy prices to skyrocket.
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