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Sitrick And Company is handling the Chapter 11 filing of Houston’s Griddy Energy.
The wholesale electricity provider drew national media attention during the Texas cold snap last month after it sent sky-high bills to its customers.
Griddy claims it did not profit from the winter storm. It blames the Electricity Reliability Council of Texas for destroying its business and causing financial harm to its 29K customers.
Co-founder Gregory Craig said Griddy was built to improve an antiquated industry by giving customers access to wholesale pricing, real-time data, and the ability to help balance the grid while lowering their own bills.
The company's business model would have worked last month “had the grid not failed and the regulators not intervened,” said Craig.
The bankruptcy reorganization will release former Griddy customers from unpaid electricity bills. Texas attorney general Ken Paxton says $29M in electricity bills will be forgiven.
Sitrick has Seth Lubove and Anita-Marie Laurie work the Griddy account.
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