DALLAS -- The biggest power generator in Texas officially passed from public to private ownership Wednesday.
Dallas-based TXU Corporation also got a new name as investors closed the $32 billion buyout.
The new owners are investors led by private-equity firms Kohlberg Kravis Roberts and TPG, formerly Texas Pacific Group.
TXU has changed its name to Energy Future Holdings Corporation. Former U.S. Commerce Secretary Donald Evans of Midland has been named non-executive chairman for Energy Future Holdings.
Evans will lead the company's board of directors.
Company officials today also announced they'll cut electric rates for consumers by five percent, on top of a ten percent reduction last spring.
The company also said its Luminant unit would withdraw eight air permit applications that had been filed for coal-fueled generation units that won't be built.