The Associated Press is reporting that the directors of TXU tentatively approved the sale of the corporation to two private equity firms, Kohlberg Kravis Roberts & Co. and Texas Pacific Group. The two groups were offering $32 billion, as well as an assumption of TXU debt. Part of deal, which has not been finalized, includes abandoning most of TXU's misguided and controversial plans to create new coal plants throughout the state of Texas. The permit process for these 11 planned 'clean' coal plants had been greatly expedited by Texas Governor Rick Perry's executive order to 'fast-track' the process, until last week when a state district judge ruled that Perry did not have constitutional authority to issue such an order. The private equity groups met with one of the organizations (Environmental Defense) that brought the lawsuit against Perry, in an effort come to an agreement on what would mitigate the vocal and widespread opposition that environmentalists and others have brought against TXU in regard to the new coal-fired plants. As a result of those talks, 8 of the 11 plants will be abandoned by KKR and TPG. This comes the same day as Al Gore's 'An Inconvenient Truth' won an Oscar for Best Documentary Feature. The film was a 'global warning' about the disastrous consequences of man-made CO2 gases in the earth's environment.

Posted on 26 February, 2007, in Energy
Permalink | TrackBacks (0)

del.icio.us

Texas State District Judge Stephen Yelenosky ruled that Governor Rick Perry does not have authority under the Texas Constitution to issue an executive order to 'fast-track' the permit process to build dirty-coal power plants, granting a major, if not temporary, victory to environmental activists and others concerned with the Governor's egregious abuse of executive powers, which more and more are seemingly related to campaign contributions and personal ties.

Activists have charged that Perry's 'fast-track' order was specifically designed to give the dirty-coal plants approval before the federal government sets mandatory standards restricting the CO2 emissions of such plants, a likely scenario under the new Democrat-controlled chambers. Judge Yelenosky's order effectively postpones the expedited hearings Perry's executive order had rush-granted, which, for the time being, creates a delay by allowing sufficient time for interested parties to fully present arguments against the dirty and inefficient coal plants which TXU and Perry have in mind: "[Such groups] have established that they will be irreparably harmed," if the executive fast-track order is not stopped, "because they will be forever deprived of a meaningful opportunity to be heard."

Posted on 21 February, 2007, in Energy
Permalink | Comments (0) | TrackBacks (0)

del.icio.us

TXU--whose benchmark price for natural gas was set last year just after Hurricanes Katrina and Rita and has yet to drop to reflect the 27% drop in natural gas prices since that time, even as North Texans pay some of the highest rates in the nation--received a spot of good news on Thursday:

All those to Rick Perry contributions are paying off, as the Texas Commission on Environmental Quality issued draft-approval for 6 of TXU's proposed 11 'dirty' coal plants.

The Houston Chronicle, the Dallas Morning News, and various other news outlets and broadcast news channels are all pointing out that Texas Governor Rick Perry has received $132,000 from coal plant interest groups since he 'fast-tracked' an order to speed state approval of controversial new coal plants throughout Texas. (His field of challengers received $0.) And according to campaign reports, Perry has received at least $324,500 from companies and executives associated with the proposed plants since he became governor in 2000.

Craig McDonald of Texans for Public Justice, a nonprofit group that tracks campaign donations, says the correlation between high-dollar contributors and the governor is clear:

"When it comes to political power, TXU has excess capacity," McDonald said.

Meanwhile, the mayors of Dallas, Arlington and Houston all are against the plants, contending they will be major sources of pollution. Federal lawsuits are already planned by environmental groups, should the legislature give the full go-ahead to build the 'dirty' coal plants.

And Democratic candidate for governor Chris Bell has been calling for an investigation into market manipulation by Perry and TXU.

Perry, of course, denies any relationship between the large campaign donations and his over-eagerness to fast-track the coal plants (which led to Rebecca Smith of the Wall Street Journal to recently report that some are convinced TXU is rushing to build the plants before the federal government places restrictions on carbon-dioxide emissions). No, it's all about the constituents, Perry says:

'We've got to get power plants on line or my constituents are going to be sitting in the dark.'

...it must be noted, however, that it was a spokeswoman who said it for him.

...TXU spokeswoman Kim Morgan.

All rants aside, what is at stake here is our clean air, our future, our children's future, and the health of our planet itself. $132,000 is too small a price.

In fact, it shouldn't be for sale at all.

Posted on 20 October, 2006, in Energy
Permalink | Comments (0) | TrackBacks (0)

del.icio.us