Texas utility settles over sky-high energy bills from freeze

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Icicles hang off the State Highway 195 sign on February 18, 2021 in Killeen, Texas. Winter storm Uri has brought historic cold weather and power outages to Texas as storms have swept across 26 states with a mix of freezing temperatures and precipitation. (Photo by Joe Raedle/Getty Images)

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.

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