Monday, March 12, 2007
Texas Public Utility Commission concludes that TXU did pull funny stuff
TXU made an extra $20 mil by cranking up electric prices during the summer of '05.
The Texas Public Utility Commission issued a report today concluding that TXU Energy did engage in unfair trading practices and profited inappropriately by manipulating the wholesale electricity market.
It also charged TXU with improperly cranking up wholesale electric prices during the summer of 2005, by 15.5 percent, thereby netting a profit of $20 million.
According to the FWST, a consultant commissioned by the PUC found "substantial competitive concerns,” but did not suggest the company had manipulated the market.
TXU will probably have to pay a fine, and can expect some heat in Austin, where state lawmakers are already examining TXU's control of the energy market in Texas.
Meanwhile, Rep. Joe Barton of Texas, the top-ranking Republican on the House Energy and Commerce Committee, asked regulators to take a look at whether TXU's proposed buyout will benefit Texas residents, thus inviting scrutiny on a federal level.
Posted by T.G.
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