TXU Announces Price Cuts

By: Associated Press
By: Associated Press

TXU says it's cutting electric rates by six percent as part of a pending 32 (B) billion dollar acquisition by private investors.

The rate reduction will affect about one-point-three (M) million TXU Energy customers -- beginning with their next monthly bill.

TXU Energy is a subsidiary of Dallas-based TXU Corporation -- the biggest electric utility in Texas.

In February, a holding company formed by Kohlberg Kravis Roberts, Texas Pacific Group and other investors announced a bid for TXU.

The deal, which includes assuming 13 (B) billion dollars in debt, would be the largest private buyout ever.

If the acquisition goes through, TXU Energy customers would see an additional four percent electric price reduction.

The company also promised to pay its customers two "customer appreciation" bonus payments of 25-dollars each in 2007.

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