East Texas Electric Coop is Said to Hire Advisers After Storm

April 13, 2021, 8:34 PM

East Texas Electric Cooperative is the latest electricity provider in the state evaluating its financial options after the state’s brutal winter storm in February sent power prices soaring.

The non-profit, independent electric cooperative is getting advice from law firm Reed Smith, according to people with knowledge of the matter. The cooperative, which delivers power to 340,000 people, has also spoken with potential financial advisers in recent weeks, said one of the people, who asked not to be identified discussing confidential matters.

February’s catastrophic storm crippled the Texas electricity grid, sending wholesale electricity prices to $9,000 a megawatt-hour and leaving millions...

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