KKR and TPG Help Make TXU Green
TXU Energy announced today it has officially suspended efforts to obtain permits for eight coal-fueled power units in
A Motion to Stay was filed yesterday with the State Office of Administrative Hearings (SOAH) for seven coal-fueled power units that are under consideration in contested proceedings before SOAH. The company also has suspended permitting activities related to an eighth permit, which was not a part of the contested proceedings.
The stay request is for a period of up to six months upon approval. Upon closing of the merger agreement with Kohlberg Kravis Roberts & Co. (KKR) and Texas Pacific Group (TPG) announced earlier this week, TXU plans to formally withdraw the eight pending air permit applications.
"This is an important step in fulfilling TXU's commitment, made in connection with the recently announced merger, to immediately seek to suspend the permit application process for the eight units announced last year," said Mike McCall, chief executive officer, TXU Wholesale. "Further, upon closing the merger agreement, TXU does not intend to apply or reapply for permits to build additional coal units utilizing current pulverized coal-fuel technology."
Last, week the Company announced that it would be going private in a purchase transaction lead by KKR and TPG. Interestingly, the Company has stated that - among other reasons for going private - "Stronger Environmental Policies and New Investments in Alternative Energy" are central to the transaction.
- Planned coal-fueled generation units reduced from eleven to three, preventing 56 million tons of annual carbon emissions
- 400 million investment in demand side management initiatives
- Transaction endorsed by Environmental Defense and Natural Resources Defense Council
- Increased commitment to exploring renewable energy sources and investing in alternative energy technologies
Labels: carbon dioxide emissions, environmental activism, global warming
posted by Editor at 1:11 PM
0 Comments:
Post a Comment
<< Home