March 2023 is a historical month for Tri-County Electric Cooperative. Not only do we celebrate 84 years of serving our members, but we also embark on our power supply freedom journey. For the first time in more than 80 years, Tri-County Electric Co-op will buy power from the ERCOT market on our own, meaning you will get competitively priced power without jeopardizing reliability.
Power supply freedom is a direct result of the Brazos bankruptcy. For those of you who have followed my column over the past 24 months, you should be familiar with the events and results of our wholesale power provider, Brazos Electric Power Cooperative, filing for chapter 11 bankruptcy in March 2021. After months and months of court hearings and proceedings, the exit plan approved by the bankruptcy court stated Brazos would get out of the power supply business in two ways: each of Brazos's 16 member-cooperatives would be relieved of their obligations under the all-requirements power contracts; and Brazos will sell its entire generation fleet.
As president and chief executive officer, power supply freedom is a big deal to me. However, I know you may be asking 'what does this mean to me?' Relief is coming on your April billing statement. Starting March 1, we are purchasing power from the ERCOT grid through our new partnership with Constellation Energy Group.
By now having the ability to negotiate and procure our own power purchases, we expect to save our members millions of dollars per year in power costs in relation to what we were paying Brazos. Those savings will be passed directly on to our membership. I am confident that gaining the ability to buy competitively priced power will help mitigate the rate impact of the new Brazos Financing Utility Plan Rider that was put in place to recover the $477 million in costs that was determined as Tri-County Electric Co-op's share of the winter storm costs passed on to us upon Brazos's exit from the bankruptcy. Beginning in March, the savings realized through our new power supply contract will help neutralize the bankruptcy rate rider impact and benefit the members of Tri-County Electric Co-op. Our power supply freedom has come as a result of our fight for our members during the Brazos bankruptcy. The savings over time will far outweigh the costs and we look forward to our new relationship with Constellation.
From the very beginning I have said we will fight for you. The past two years have not been without trial, but thankfully I can say relief is on the way. We are in this together.