Griddy Barred From Texas Power Market for Payment Breach
(Bloomberg) -- Griddy Energy LLC , a Texas retail electricity provider that came under fire after its customers received exorbitant power bills during the energy crisis last week, was barred from participating in the state’s power market Friday.
The Electric Reliability Council of Texas revoked Griddy’s rights to conduct activity in the state’s electricity market due to nonpayment, according to a market notice seen by Bloomberg.
The Macquarie Energy-backed company said previously it would challenge the prices set by the grid operator during the crisis and its chief executive officer, Michael Fallquist, declined to testify at Texas legislative hearings Friday.
Griddy said in a statement Friday that the decision on pricing was made “to take the price out of the hands of the market,” adding that “we wanted to continue the fight for our members to get relief and that hasn’t changed.”
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