Electric wholesaler succumbs to historic winter stormsBy: David Bland
No choice but to power down. —Michael Fallquist, CEO, Griddy
Griddy turned their customers into amature energy traders, because they were fully exposed to the market. —Rob Snyder, Founder and General Partner, KynectTexas-based direct selling electricity provider Griddy was abruptly banned from the power market on Feb. 26, capping a chaotic two-week period for the 4-year-old energy retailer brought on by historic winter storms no one was prepared for. The storms not only paralyzed the state of Texas but drew national attention to its deregulated power grid, as well as to the tenuous relationship between electricity retailers, consumers, and operators in the Lone Star State.
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April 2021BloombergChristian McArther as COOdirect selling channelElectricityElectricity Reliability Council of TexasERCOTGreg CraigGriddstersGriddyKen PaxtonKynectMichael Fallquist as CEOPublic Utility Commission of TexasPUCTRob SnyderRoop Bhullar as CFOStreamTexas Attorney GeneralTexas Deceptive Trade Practices ActTexas storms