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The Electric Reliability Council of Texas CEO Bill Magness was removed from his post Wednesday. He informed the organization he will not accept his $800,000 severance.
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Brazos Electric Power Cooperative cites a massive bill from the Electric Reliability Council of Texas as the reason for the bankruptcy filing.
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Texas allows companies to sell electricity at wholesale prices. When the price of electricity skyrocketed last week, that meant exorbitant bills for many residents who had been trying to save money.
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Houston area residents are reporting exorbitant prices of food, water, and hotel rooms while the state continues to deal with shortages of essential items after a winter storm hit the state.
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The Texas Democratic Party is calling for the resignation of Republican Sen. Ted Cruz, who went on a family vacation in the middle of a deadly winter storm. He returned, calling the trip "a mistake."