Texas Barge Crash May Cost $1 Billion in Shipping Delays

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A barge accident that knocked out power lines across the Houston Ship Channel may end up costing as much as $1 billion in shipping delays, the U.S. Coast Guard told The Associated Press on Monday.

On Sunday morning, a tugboat that was towing AEP-owned barges hit an electrical structure in Baytown, Texas, halting shipping traffic along a 4-mile stretch of the channel, according to a Coast Guard statement. CenterPoint Energy (CNP) owns the power lines.

The channel will be closed until at least Tuesday night and almost 30 ships are already waiting to cross, the AP reported. CenterPoint has brought in a crane to repair the damaged electric tower, according to the AP.

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