CoServ responds to Brazos Electric Cooperative bankruptcy filing announcement

CoServ responds to Brazos Electric Cooperative bankruptcy filing announcement

 

CORINTH, Texas -- March 1 -- Brazos Electric Power Cooperative Inc. announced today that it has filed for Chapter 11 bankruptcy protection. Brazos is CoServ Electric’s primary wholesale electricity provider.

Brazos’ bankruptcy filing is not expected to affect the delivery of electricity to CoServ Members, nor do we anticipate any immediate or short-term changes to the wholesale rates or the overall cost of the electricity we provide to our Members.

Brazos, like CoServ, is a member-owned and led cooperative. It provides wholesale electricity and operates the high-voltage transmission lines necessary to deliver that electricity to 16 electric cooperatives. Collectively, these cooperatives provide electricity to almost 700,000 retail customers in 68 counties. Brazos represents a critical component of our state’s energy infrastructure, and the electricity it generates supports the lives and livelihoods of millions of Texans each day.

As CoServ and other utilities have stated, the longer-term impacts of this severe weather are still being assessed, and we will continue to diligently monitor and contribute to the review process on behalf of our Members. We also pledge to remain transparent and responsive to our members and customers and to communicate about CoServ’s ongoing efforts to manage market volatility.

Since the 1930s, Texas electric cooperatives have played an important and unique role in helping extend electricity throughout Texas. Electric cooperatives were formed to help deliver and expand the availability of electricity to the rural regions of Texas that for-profit electric providers would not service. Because of that unique mission and since cooperatives are member-based, not-for-profit businesses, electric cooperatives have been essential in fueling economic growth and improving the overall quality of life for many Texans.

CoServ exists to provide excellent service to our Members and Customers by providing safe and reliable energy. We will continue to respond to your questions and needs, today and every day, as we work to deliver on that mission and recover from this unprecedented winter event.

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