Report: Texas power retailer heads toward bankruptcy

Texas power retailer Griddy Energy LLC is nearing a plan to file for bankruptcy, people familiar with the matter told The Wall Street Journal.

Texas regulators previously barred Griddy from the state power market after the company passed large increases in electricity prices on to customers during the severe winter storm in February.

Griddy also is facing litigation from the Texas attorney general's office over claims that it engaged in deceptive trade practices.

Read more from The Wall Street Journal.