Energy Future Holdings Corp (formerly TXU) Posts its 2007 ResultsSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Energy Future Holdings Corp (formerly TXU) Posts its 2007 Results
 


10 April 2008 at 3:54:34 PM
salon

Energy Future Holdings Corp. (EFH), formerly TXU Corp., today reported its 2007 financial results in the company´s 2007 Annual Report on Form 10-K (2007 10-K) filed with the Securities and Exchange Commission. On October 10, 2007, EFH was acquired by affiliates of Kohlberg Kravis Roberts & Co., TPG, Goldman Sachs Capital Partners and other investors (the Merger) and became a privately-held company. 

On a full year 2007 combined basis(1), (see footnotes on page 6 of this release) EFH reported a net loss of $637 million compared to net income of $2,552 million for 2006. 2007 Reported Net Loss included net after-tax expenses of $2,199 million treated as special items(2) and income from discontinued operations of $25 million. Special items included $1,479 million in unrealized mark-to-market net losses, virtually all related to forward (2008-2013) natural gas positions in EFH´s long-term hedging program, $492 million in charges associated with the suspension and subsequent cancellation of a program to develop eight coal-fueled generation units, amortization and other non-cash expenses (and reductions to revenues) of approximately $237 million due to the application of purchase accounting(3), and Merger-related charges of approximately $59 million.

Operational Net Income(4), which excludes special items and income or losses related to discontinued operations, was $1,537 million for 2007 on a combined basis compared to $2,565 million for 2006. Operational Net Income for 2007 was expected to be lower than 2006 due primarily to the following factors: lower average retail electricity pricing, driven primarily by the 15 percent price cuts implemented in 2007 for approximately one million TXU Energy residential customers; higher Luminant lignite and coal costs, driven in part by high rainfall; the effect of lower residential volumes, including the impact of cooler summer weather in 2007 compared to 2006; lower ERCOT heat rates and reduced wholesale activities; higher expenses in the company´s competitive businesses, primarily for marketing and improved capabilities in TXU Energy; the costs associated with the planned steam generator replacement at Comanche Peak´s Unit 1; and higher net interest expense following the closing of the Merger in October.


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