Tags: texas electric cooperatives
The stock of the Texas Electric Cooperatives has plunged amid the layoffs of employees.
The stock fell $1.43, or 0.4%, to $18.19 a share on Thursday.
The company reported a $3.6 billion loss in the second quarter, and it said it would shut down its operations in the coming months.
The state’s biggest electric utility has been struggling with high costs and a shrinking profit.
The utility has also been battling a string of disasters, including a power outage in January that left hundreds of thousands of customers without power.
The disaster was the largest on record for the utility, and its stock has been falling.