Bloomberg Law
July 2, 2021, 2:50 PM

Pogo Energy Goes Bankrupt as Texas Freeze Fallout Lingers

Jeremy Hill
Jeremy Hill
Bloomberg News

Pogo Energy, a pay-as-you-go electricity provider in Texas, filed for Chapter 11 bankruptcy on Thursday after racking up a huge power bill during Winter Storm Uri.

  • Company listed assets of no more than $10m and liabilities of as much as $50m in its bankruptcy petition
  • Pogo’s power invoice for February exceeded $26m, more than 30 times greater than its normal amount for that month, according to a court declaration
    • Pogo owes the money to Luminant Energy Company, the generation arm of Vistra Energy, per court papers
  • The company was founded in 2017 and became cash-flow positive in ...