Texas power retailer Griddy Energy LLC on Monday filed for Chapter 11 bankruptcy after the state grid operator cut off the company’s access to customers for unpaid bills following a rare deep freeze in the state.
Griddy sold power to customers at market rates. When power prices spiked to $9,000 per megawatt hour (MWh) and remained at that lofty level for days during the extreme cold in February, some customers received monthly bills of over $10,000.
