28 February 2007 at 11:52:17 AM
Burkablog talks about following the money... and Wilder is the one making out like a bandit (while, don't forget, the Texas RATEPAYERS will be the ones getting robbed).
"This appears to be all about John Wilder and his compensation. He could ride off into the sunset (with hundreds of millions more) at the expense Texas electric customers," Fraser said. ...
Fraser said he told Wilder in March of last year that TXU should reduce its rates when gas prices fell. "When I saw that Wilder was keeping profits up as long as he could, I realized he was shopping the company," Fraser said.
Fraser's bill giving PUC authority to approve the TXU buyout also instructs the regulatory body to prevent a utility from transferring debt to its public, regulated divisions (in TXU's case, its lines and transmission company) in order to make other parts of the company more profitable for sale.
Fraser continues to believe that deregulation is not working for residential customers because not enough competition exists. He will attempt to correct that by requiring utilities to market outside their incumbent areas. And he would prevent a utility from owning more than 25 percent of the generating power with a marketing region.
Burka also says that perhaps one reason lawmakers in Texas are more than a little irritated over this is because of TXU's arrogant comments that no state government could stop the merger.
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