Buy. Out. Buyout. (That's an Electric Company Reference.)
So, that was quick: From "first reported on Friday evening" to settled by Sunday afternoon, TXU yesterday was taken private after Kohlberg Kravis Roberts and Texas Pacific Group forked over $45 billion for the Dallas-based energy provider. And eight of the 11 coal-fired plants TXU wanted to build throughout the state have been taken off the table and put in drawer, thanks to negotiations with national nonprofit Environmental Defense, whose president Fred Krupp and Austin-based regional director Jim Marston will hold a teleconference this morning to discuss the deal. Nonetheless, says Krupp in an ED press release this morning, "This is a watershed moment in America's fight against global warming."
TXU has issued its own release in which it details the deal that will allow for everything from a 10 percent price decrease ("resulting in more than $300 million of annual savings for residential customers," we'll see) to the appointments of Donald Evans (former U.S. Secretary of Commerce) and Lyndon L. Olson Jr. (former Texas State Representative and ex-U.S. Ambassador to Sweden) to the company's board of directors. You can download the entire TXU press release here. In related news, Melissa Etheridge's winning the Best Original Song Academy Award for "I Need to Wake Up" from An Inconvenient Truth is proof that global warming also causes hell to freeze over. --Robert Wilonsky
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