ERCOT Shuts Gritty Energy’s Access over Unpaid Bills
Posted on 02/28/2021
Griddy Energy LLC is a Texas retail electricity provider that sold consumers electricity at wholesale rates. A rare event occurred in which
prices rose to US$ 9,000 per megawatt hour as the cold front marched in to freeze Texas. Griddy Energy faced serious heat after customers got insanely-high power bills during the cold front storm in Texas.
Griddy Energy, which operates in the retail energy market, was barred from participating in the state’s power market on February 26, 2021. In a market notice, the Electric Reliability Council of Texas (ERCOT) killed Griddy’s rights to conduct activity in Texas’ electricity market due to nonpayment. Griddy Energy seeks to challenge the prices set by the grid operator during the crisis. Griddy Energy’s CEO Michael Fallquist declined to testify at Texas legislative hearings on February 26, 2021. Fallquist started his job in December 2020.
On December 7, 2020, Macquarie Energy, a subsidiary of the Macquarie Group, provided investment capital to support Griddy Energy’s growth.
EDF Trading is one of the largest wholesale energy traders in the world. Earlier, EDF Trading made an equity investment in Griddy Energy.
Energy executives Greg Craig and Nick Bain founded and self-funded Griddy Energy after realizing power could be cheaper for electricity customers. They pursued Texas since it is largest deregulated energy market in the United States.
