Continuing to Assess Cost and Liquidity Pressures for Texas Power Utilities
We are still trying to piece together net costs and potential liquidity pressures Texas power utilities are facing following the recent extreme winter weather event.
Moody's reported forecast potential costs we have not seen until now for two entities in their March 1 report. Moody's did not take sector-wide action like Fitch and S&P.
San Antonio's municipal utility, CPS Energy, has incurred $1 billion in charges due to the February extreme weather event. The municipal utility's CEO says, "We have the ability to manage through this process."
The issuer credit rating for the Brazos Electric Power Cooperative was downgraded to "D" by S&P.