Griddy declares bankruptcy, outrageous bills wiped
Q1 2021 has been a disaster for Griddy and its attached MLM opportunity, Griddy Pro.
In the lead up to Winter Storm Uri, Griddy recommended customers leave it because of its volatile business model.
During Winter Storm Uri Griddy customers were hit with massive bills. This led to Electric Reliability Council of Texas cutting Griddy off from the power supply.
A billion-dollar consumer class action was also filed against the company.
On March 15th, Griddy announced it was filing for Chapter 11 bankruptcy.
Fallquist blamed Texas’ energy grid operator for Griddy seeking Chapter 11 protection.
The Electric Reliability Council of Texas, known as ERCOT, “made a bad situation worse for our customers by continuing to set prices at $9,000 per megawatt hour,” he said.
Texas is the only state in the US with a deregulated energy grid. This lets ERCOT legally set the wholesale energy price at whatever they want.
While all of this is bad news for Griddy and its Griddy Pro affiliates, customers have received some good news.
Griddy’s bankruptcy was preceded by a lawsuit filed against it by the Texas State Attorney’s Office.
The attorney general’s office sued Griddy under the Texas Deceptive Trade Practices Act on behalf of 24,000 customers who have a cumulative $29.1 million in unpaid electric bills from the week of freezing temperatures in Texas last month.
The action Paxton took was to release Griddy’s former customers from Griddy’s bankruptcy, which it filed for Monday in Houston.
Texas won’t move forward with its state court lawsuit and investigation, and “Griddy will work with it in good faith to resolve these matters,” the attorney general said.
The catch, as reported by KCEN TV, is that relief might still be months away.
Still, knowing your 7000%+ electricity bill we be eventually forgiven has to be better than not knowing.
The bigger question here is whether anything will change in Texas going forward.
If the government has to step in and regulate between energy providers and consumers when shit hits the fan anyway, maybe faux deregulation isn’t such a great idea.
Dec 27 2020 – BehindMLM reviews Griddy Pro, emphasizing weak point in wholesale energy business model.
Feb 13 2021 – Winter Storm Uri hits, materializing said weak point in wholesale energy business model.
Logical conclusion: BEHINDMLM CONTROLS THE WEATHER!
What… what am I going to do with this newfound power?
LOL Keep hurricanes away from Florida this summer. I hear Russia has never experienced one.
No hurricanes in FL this summer? I got you!
Disclaimer: I don’t really know how these knew powers work yet exactly. If FL cops the worst hurricanes in history this season, my bad.
With great power comes great responsibility. Like, you gotta learn how your powers work, dude!
Now, I have this great idea: we buy up futures in frozen concentrated orange juice, then you send a Big Freeze at Florida. We clean up! (I saw it in a movie once. Don’t remember the details, except Eddie Murphy and Dan Aykroyd made out like bandits! Oh, and Jamie Lee Curtis. So hey, if it worked for them…)
How am I gunna send a big freeze to Florida in the middle of summer?
Earthquakes at some of those Boris CEO rented offices, now that I can do. Probably.
And bring an army of SJWs posting about your anti-russian stance for manipulating the weather.
@Amos_N_Andy: the movie you are referring to was “Trading Places,” and one of the funniest movies I’ve ever seen…
Ding ding ding! You are correct, sir. Of course, I (purposefully) mangled the plot a bit in my attempt at ironic humor, since the ones who tried to profit from bad weather in Florida were the Duke brothers (Don Ameche and Ralph Bellamy), not Billy Ray, Louis, and Ophelia (Murphy, Aykroyd, and Curtis). And it didn’t work out too well for the Dukes.
It’s one of my favorite movies, too, especially when Jamie Lee Curtis…well, nevermind.