Dallas, TX, August 28, 2001 — TXU announced today the launch of subsidiary TXU Utility Solutions, a new company that offers unregulated utility asset management services for cooperatives, municipally owned and investor-owned utilities throughout North America.
“We are always looking for ways to expand our business offerings, adding value for customers and shareholders, and we believe that one of our key strengths is the way we manage our assets,” said Tom Baker, president of TXU Utility Solutions. “Late last year, we examined the value our asset management capabilities bring to the company and how we could increase that value with new growth opportunities. Our experience in Australia and the UK as well as our excellent reputation here at home position us well to be a key player in this emerging and exciting market.”
It is estimated that, as a whole, utility asset management is about a $20 billion industry and that within five years TXU Utility Solutions could secure as much as 4 percent of the marketplace.
Cooperatives, municipally owned and investor-owned utilities now will be able to benefit from the demonstrated success of TXU, a Fortune 100 company. Potential clients can choose from a menu of utility services ranging from a complete turn-key solution to selected services such as work management, strategic planning, design, maintenance and construction. As a result, clients can save money and time and achieve increased asset performance.
“We’ve already received interest from more than a dozen companies throughout North America, and would expect to have our first contracts before the end of the year,” said Wade Freeman, Executive Vice President and General Manager of TXU Utility Solutions. “They know that TXU’s reliability has been recognized as among the best in the country and that we have experience managing and operating utility systems in urban, suburban and rural areas. Through this new company, TXU can add shareholder value by doing what our energy delivery business does best.”
TXU is a global provider of electric and natural gas services, electricity generation, merchant trading, energy marketing, energy delivery, telecommunications, and other related services. TXU is one of the largest energy companies in the world with more than $27 billion of annual revenue and $43 billion of assets.
TXU is one of the largest generators of electricity in the world and sells 300 million megawatt hours of electricity and 2.7 trillion cubic feet of natural gas annually. TXU delivers or sells energy to 11 million customers primarily in the US, Europe and Australia. Visit www.txu.com for more information on TXU.