Q: Not an investing question, but can you help me understand, at least a big-picture view, some of the financial impacts behind last months Texas weather?
AQN has already indicated a $45M hit as a result (and this is presumably mostly or entirely built in to recent share prices). JE apparently (?) owes $250 as a result, which they can't pay and hence are seeking creditor protection. Brazos Electric Power Co-op (of Texas) supposedly owes a whopping $1.8 billion for the same event.
To whom is that money paid (in AQN's case) or owed (in JE's & Brazos case) -- ERCOT? But ERCOT is a member/supplier-owned non-profit, and AQN, JE, Brazos et al are the members, so isn't the money just circulating among the members?
Meanwhile, the end users -- individuals and business using the power -- are paying huge electric bills. We have friends in Dallas who got 5-figure electric bills for their home!
Where does the "buck stop" in this merry-go-round?
Are you in a position to shed any light on this?
AQN has already indicated a $45M hit as a result (and this is presumably mostly or entirely built in to recent share prices). JE apparently (?) owes $250 as a result, which they can't pay and hence are seeking creditor protection. Brazos Electric Power Co-op (of Texas) supposedly owes a whopping $1.8 billion for the same event.
To whom is that money paid (in AQN's case) or owed (in JE's & Brazos case) -- ERCOT? But ERCOT is a member/supplier-owned non-profit, and AQN, JE, Brazos et al are the members, so isn't the money just circulating among the members?
Meanwhile, the end users -- individuals and business using the power -- are paying huge electric bills. We have friends in Dallas who got 5-figure electric bills for their home!
Where does the "buck stop" in this merry-go-round?
Are you in a position to shed any light on this?
