TXU: Merger or Coal, You Decide
TXU Corps. is pulling the plug on eight proposed coal-fired power plants. Maybe.
By Richard Whittaker, 3:08PM, Thu. Mar. 1, 2007
TXU Corp. has confirmed it's suspending the applications for eight of its proposed coal power plants. It contacted the State Office of Administrative Hearings yesterday and asked for a stay on the paperwork for seven plants and has also pulled the plug on an eighth.
However, pay close attention to the wording of the press release: "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."
Which translates as, "Hey, Texas, if you don't let us go through with the merger, we reserve the right to keep building the coal plants."
This comes after yesterday's decision by the U.S. District Court that TXU can continue to build the 581-megawatt coal-fired Sandow Unit 5.
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Business & Economy, Energy, Environment, Global Warming, Legislature, TXU, coal, Sandow
