in News Departments > New & Noteworthy
print the content item

An investor group led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group has entered into an agreement with TXU Corp., a Dallas-headquartered energy company, to acquire TXU for $45 billion. Goldman Sachs Capital Partners, Lehman Brothers, Citigroup and Morgan Stanley are all part of the investor group.

As a result of this acquisition, 11 planned coal-fueled generation plants will be scaled down to three - preventing 56 million tons of carbon emissions per year, the companies say. In addition, the new TXU owners plan on doubling the company's purchase of wind power to more than 1,500 MW.

"With these long-term and very informed investors, we can execute a new strategy that will allow us to reshape TXU's program to build new electric generation units," says C. John Wilder, chairman and chief executive officer of TXU. "Our new strategy will meet two important objectives: addressing Texas' immediate and future energy and reliability needs; and doing so in a manner that responds to the desires of policy makers and other key stakeholders to incorporate new technology advancements and conservation."

Gov. Rick Perry, R-Texas, supports the agreement.

"With multiple energy companies proposing new projects to expand their energy capacity, and today's announcement that rates will be reduced by 10 percent for TXU customers, we know that market forces are working to ensure our energy supply is both more abundant and more affordable as we look to the future," Perry comments.

The transaction, which is subject to TXU shareholders' approval, is expected to close in the second half of 2007.

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Are Fitch Ratings' Claims About Wind Farm Underperformance Unfounded?

A recent report from Fitch Ratings suggests that wind farms underperform due to an overestimation of wind resources, but AWS Truepower says the analysis misses the mark.


SunEdison Buying First Wind In $2.4 Billion Deal

Global solar company SunEdison and its yeildco have announced an agreement to buy the Boston-based developer, a major player in the U.S. wind industry.


U.S., China Reach Ambitious Climate Change Accord

The agreement between the global superpowers leans heavily on the deployment of renewable energy, such as wind and solar.


What The Midterm Elections Mean For The U.S. Wind Industry

Both chambers of Congress are now under Republican control for the first time since 2006. How will wind energy fare?


GE Blade Crashes At Mehoopany Wind Farm In Pennsylvania

The turbine manufacturer says the Nov. 2 incident is "isolated and unrelated" when compared to earlier blade issues.

Hybrid Energy Innovations 2015
Renewable NRG_id1934
BG 2015DblBox_id2032