Texas utility sues power grid ERCOT over 'excessive' cold snap charges

By Gary McWilliams (Reuters) - The largest city-owned utility in Texas on Friday sued the state's grid operator alleging it levied "excessive" power prices during a February deep freeze, and seeking to bar the grid from issuing a default that could affect its credit rating. High prices for emergency fuel and power during a severe cold spell left Texas utilities facing about $47 billion in one-time costs. Those costs have led to two bankruptcies and knocked two other electric providers off the state's power grid because of payment defaults. San Antonio's municipal utility, CPS Energy, faces abo...