Smackback to TXU- PUC can review the sale AND TXU has to pay back money from abusing the publicSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Smackback to TXU- PUC can review the sale AND TXU has to pay back money from abusing the public

16 March 2007 at 11:15:15 AM

State regulators would be able to review TXU Corp.'s pending sale to private investors and would have more power to encourage competition among utility companies under bills the Senate unanimously approved Thursday.

The legislation also would force utility companies to refund any money they make by abusing their market power and would place a moratorium on disconnections for some needy Texans. The measures now move to the House.

TXU and its potential buyer said the bills' passage was expected and was just the first of many steps to come in the legislative process.

The most noteworthy bill clarifies that the Public Utility Commission has the authority to review the sale of any utility to ensure it does not affect the delivery of electricity and the competitive market.

A group of investors led by Kohlberg Kravis Roberts & Co. and Texas Pacific Group agreed last month to buy TXU for $32 billion in the biggest leveraged buyout ever.

Lawmakers were irritated last month when attorneys for the investors seemed to boast that they didn't need state approval to buy TXU.

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