Luminant logo: I don’t see any coal plants, do you?
The private equity buyout of Dallas power giant TXU Corp. became official this afternoon. This means TXU has changed its name to Energy Future Holdings Corp. (catchy!) and TXU’s stock will be delisted from the New York Stock Exchange and the Chicago Stock Exchange as of the end of trading today.
The power generation business, now called Luminant, will now withdraw eight of the 11 air-permit applications it had filed with the state for new coal plants, as they said they would when the merger was first announced earlier this year.
| The retail electric business keeps the TXU name.
The retail electric business, TXU Energy, will drop rates another 5 percent (making for a total 15 percent drop since the deal was annonced). TXU Energy will also create TXU Energy Access, “… a comprehensive program representing a commitment of more than $150 million over 5 years to assist low-income customers.”
The power transmission and distribution business, which was known as Oncor in the past, is getting that old name back.
Oncor gets an encore.
Some items from the press release:
Under the terms of the merger agreement, TXU shareholders are entitled to $69.25 in cash for each share of TXU common stock held. Lehman Brothers, Citigroup and Morgan Stanley became equity investors at closing.
As previously announced, with the successful completion of the transaction, C. John Wilder has resigned as TXU Corp. Chairman and CEO. Since his arrival in February 2004, Wilder led the company to substantial performance improvements including: outstanding shareholder returns; a successful business turnaround; and a major restructuring of the operations and growth program.
Also, as previously noted, Energy Future Holdings Corp. will create a Sustainable Energy Advisory Board comprised of individuals who represent the following interests: the environment; customers; Texas economic development; and ERCOT reliability standards. Board member William Reilly, Chairman Emeritus of the World Wildlife Fund and former Administrator of the U.S. Environmental Protection Agency, will lead the effort to make climate stewardship central to corporate policies.