Brazos EC Files for Chapter 11 Financial Restructuring
Brazos Electric acts to protect its Member cooperatives and their retail members from unaffordable electric bills.
WACO, TEXAS, MARCH 1, 2021 – Brazos Electric Power Cooperative, Inc. (“Brazos Electric” or “the Company”), a leading, and Texas’ oldest and largest, generation and transmission power cooperative serving 16 distribution Member cooperatives that serve more than 1.5 million Texans, announced today that it filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.
Brazos Electric initiated this financial restructuring to maintain the stability and integrity of its entire electric cooperative system. Before the severe cold weather that blanketed Texas with sub-freezing temperatures February 13-19, Brazos Electric was in all respects a financially robust, stable company with a clear vision for its future and a strong “A” to “A+” credit rating. As a result of the catastrophic failures due to the storm, Brazos Electric was presented with excessively high invoices by ERCOT for collateral and for purported cost of electric service, payment of which was required within days. As a cooperative whose costs are passed through to its members, and which are ultimately borne by Texas retail consumers served by its Member cooperatives, Brazos Electric determined that it cannot and will not foist this catastrophic financial event on its members and those consumers.
Chapter 11 is a protective measure that will allow Brazos to maintain the stability and integrity of its entire electric cooperative system and allow the cooperative to continue to provide reliable power and transmission service to its member cooperatives, which includes Heart of Texas Electric Cooperatives.
Outage Texting Service Enrollment
Heart of Texas Electric Cooperative is always working to improve service to our members. A recent improvement added is our new outage texting service.
In October 2020, Heart of Texas EC completed a mass enrollment of our members. If your cell phone number was listed in your account information, you were automatically enrolled. Now, if you have a power outage in the future, you can report your outage via text message. Simply text OUT to 1-800-840-2957.
If your account information did not include the your cell phone number, you can still enroll. Sign into your account online, Select Profile; then Accounts. It may take a couple of days for the new number to appear in your account information.
Then from your cellphone, text “HOTEC” to 1-800-840-2957. You should receive a message, or you can text “Help” for more information.
Please add HOTEC to your contacts. Still have questions, give member services a call at 1-800-840-2957.
HOTEC Covid-19 Response
HOTEC continues to monitor the developing news concerning COVID-19. We feel at this time; it is prudent to take precautions based on information disseminated by the CDC, which advises social distancing. We have implemented our pandemic mitigation plan and are taking the steps necessary to protect our members and employees.
Please know as not only your local electric provider, but also as a partner in the communities we serve, HOTEC is here to continue offering excellent service to our members, and we will be here to help our communities in every way possible to recover from the damage this has created.
• We Serve Our Members • We Take Care of Each Other
• WE WORK SAFE
You may contact us at: 1-800-840-2957; McGregor (254) 840-2871; Rosebud (254) 231-0444.
Attention Small Business Owners, Use the link below for a few resource links for the SBA stimulus assistance.
SBA Stimulus Assistance
- https://covid19relief.sba.gov/
- https://wacochamber.com/2020/03/covid-19-emergency-relief-for-business/…
- https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-l…
- https://web.templechamber.com/news/newsarticledisplay.aspx?ArticleID=97…
- https://www.uschamber.com/report/guide-small-business-covid-19-emergenc…
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