One of the unusual things about this proposal is that utilities are not a traditonal target of leveraged buyouts. Utilities provide public services like power and water.
TXU just reported two and one-half billion dollars in profits last year, half-->up 50 percent from the year before. But utilities often have a lot of debt because of high operating costs. At the same time, states may limit rates if prices rise too high.
Most unusual about the deal, however, are the promises made by KKR and Texas Pacific. These buyout specialist groups say they will cut the electricity prices 10 percent and offer "price protection" through September of 2008.
Also, to reduce carbon emissions linked to climate change, they promise to build fewer power stations that burn coal than TXU had planned. And they promise to explore greater use of alternative and renewable fuels. Two activist groups, Environmental Defence and the Natural Resources Defence Council, supported the deal.
posted @ 2007-03-07 12:30
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