MARKEY REACTS TO PROPOSED TXU MERGER
Washington, DC - Rep. Edward J. Markey (D-MA), Chairman of the House Select Committee on Energy Independence and Global Warming, and a senior Member of the House Energy and Commerce Committee, today issued the following statement regarding the proposed takeover of Texas Utilities Corporation (TXU) by Kohlberg Kravis Roberts & Co. (KKR), Texas Pacific Group (TPG), and Goldman Sachs.
“The TXU buyout, if approved, would represent the largest takeover in history. It is a complex business transaction that could have an important impact on the electric utility industry.
“I have only begun studying this proposed merger, and I have made no final judgment about its merits. Clearly, both federal and state regulators will need to carefully evaluate the proposed takeover to assess its implications for competition in electricity markets and its impact on utility consumers.
“At the same time, I applaud the willingness of KKR and TPG to step forward and announce their intention to cancel a controversial plan by TXU’s current management to build 8 old-style pulverized coal plants. Instead of committing TXU to decades of increasing emissions of carbon dioxide pollutants that make the global warming problem worse, KKR and TPG have committed to making a substantial investment in renewable energy and energy efficiency. They have also committed to supporting mandatory cap and trade legislation which would reduce greenhouse gas pollution. Those commitments, if fully implemented, would represent a significant change of course for TXU, and could set an important precedent for considering climate change impacts as an integral part of utility business decision-making.”
The Select Committee was active during the 110th and 111th Congresses. This is an archived version of the website, to ensure that the public has ongoing access to the Select Committee record. This website, including external links, will not be updated after Jan. 3rd, 2010.
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