Texas grid users failed to pay $2 billion in charges on Friday – official notice

FILE PHOTO: Overhead power lines are seen during record-breaking temperatures in Houston, Texas, U.S., February 17, 2021. REUTERS/Adrees Latif

HOUSTON (Reuters) – Troubled Texas power grid operator ERCOT on Friday said $2 billion in charges for power and services went unpaid, according to an official notice, signaling the financial fallout from high electricity rates is spreading to utilities.

It will cover $800 million of the shortfall by borrowing from internal accounts, and will draw an undisclosed amount from grid users with credit balances. A spokeswoman was unavailable for immediate comment.

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