The electric utility Griddy Energy has reached a settlement with Texas state officials over crushing electric bills its customers received after the deadly February winter storm and cold wave.
The Texas Attorney General’s Office announced the settlement Monday, having sued Griddy after customers received bills totaling many thousands of dollars. Griddy went bankrupt and confirmed a liquidation plan that releases its customers from any outstanding bills.
Griddy Energy sold power to consumers at wholesale prices plus a $9.99 monthly fee. Its rates skyrocketed during the February freeze when the state grid operators raised wholesale prices to $9,000 per megawatt-hour.