TCEH Corp., which owns Luminant and TXU Energy, has finally emerged from bankruptcy proceedings. TCEH Corp. is the new company that is basically what’s left of Energy Future Holdings (the energy company that filed for bankruptcy protection about two years ago and owned Luminant, TXU Energy, and Oncor). The announcement came from Delaware Bankruptcy Court on Monday night (Oct. 3rd) .
TCEH’s new CEO, Curt Morgan, sent a letter to staffers yesterday regarding the challenges that still face the company: “As you are well aware, we are emerging into a difficult marketplace with a set of unprecedented challenges today. Wholesale power prices remain persistently low, driven by low natural gas prices, poor power generation investment decisions by our competitors, and subsidies for renewable energy sources. There are environmental pressures too, largely driven by the EPA and environmental groups. And, the competitive retail market is as competitive as ever – with the incumbent always a target.”
You can read Jeffrey Weiss of the Dallas News’s article here.
You can read TCEH’s (Energy Future Holdings) press release here.