Griddy Energy Files For Bankruptcy Protection in the Wake of Winter Storm Uri
Griddy Energy has filed for Chapter 11 bankruptcy protection in the aftermath of the severe winter weather that hit Texas last month and triggered an energy crisis.
The wholesale electricity provider came under fire after many of its customers reported being hit with exorbitant bills during what is now dubbed Winter Storm Uri. The storm temporarily knocked out power for millions of Texans.
“Our bankruptcy plan, if confirmed, provides relief for our former customers who were unable to pay their electricity bills resulting from the unprecedented prices,” Griddy Chief Executive Officer Michael Fallquist said in a statement announcing the bankruptcy proceedings.
Fallquist said that prior to Uri, Griddy was a “thriving business” and blamed the operators of the state’s power grid, the Electric Reliability Council of Texas, for hurting its business and causing financial harm to customers.
