TXU Power Play
The TXU Electric utility is making headlines again. Just last week they were slapped with $210 million in fines after an investigation accused them of manipulating the electric market to increase their profits.
The Public Utility Commission said this abuse of the market cost consumers $70 million and earned the TXU utility $20 million in extra profits. TXU is the largest power generator in Texas, and is alleged to have inflated their prices during 2005, which caused electricity prices to rise 15.5 percent during that summer.
Now TXU is claiming that if they really have to pay this huge fine, they may not be able to continue to operate some of their older power plants, causing some interruption in power for some customers. This kind of corporate power play just makes me sick. The big bully is pouting and is threatening to take away his toys.
A month ago a buyout offer was announced to acquire TXU Corp. for about $32 billion. This sure gives me something to think about the next time I pay my electric bill.
The Public Utility Commission said this abuse of the market cost consumers $70 million and earned the TXU utility $20 million in extra profits. TXU is the largest power generator in Texas, and is alleged to have inflated their prices during 2005, which caused electricity prices to rise 15.5 percent during that summer.
Now TXU is claiming that if they really have to pay this huge fine, they may not be able to continue to operate some of their older power plants, causing some interruption in power for some customers. This kind of corporate power play just makes me sick. The big bully is pouting and is threatening to take away his toys.
A month ago a buyout offer was announced to acquire TXU Corp. for about $32 billion. This sure gives me something to think about the next time I pay my electric bill.
Labels: Utilities
Andrus, Barry and Andrus, Carolyn
0 Comments:
Post a Comment
<< Home