It Starts: The Cascading Financial Repercussions of the Texas Electricity Crisis

by Wolf Richter
Wolf Street

Now hoping for “corrective action” and “credit intervention” by the State of Texas.

The financial repercussions of the winter-storm electricity crisis in Texas have entered the confession phase.

Just Energy Group, the Canada-based retailer of electricity and natural gas that is heavily involved in Texas, announced this morning in an SEC filing that it might have lost $250 million over the few days during the “Weather Event” in Texas, and that “the financial impact could change as additional information becomes available,” and that “once known,” the financial impact “could be materially adverse to the Company’s liquidity and its ability to continue as a going concern.”

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