Texas’s grid operator said it’s short nearly $345 million in payments from retail power providers and others after electricity prices skyrocketed during last month’s energy crisis.
That brings the total shortfall to nearly $2.5 billion, according to a market notice.
The Electric Reliability Council of Texas, known as Ercot, said it covered some of that debt by using $800 million in revenues from another market, but remains nearly $1.7 billion short.
If Ercot cannot come up with financing to cover the underpayments, the debt could end up being shared by everyone in the Texas market, including consumers. Amid the fallout, seven of Ercot’s board members have resigned. The head of the Public Utility Commission of Texas resigned Monday.