By Editors of Power Engineering
EFH and Energy Future Intermediate Holding Company LLC, which own an indirect 80 percent equity interest in Oncor, remain in Chapter 11 and are proceeding toward confirmation and emergence on a separate, standalone schedule.
TCEH Corp. has appointed Curt Morgan as CEO, along with a new board of directors including Gavin Baiera, Jennifer Box, Jeff Hunter, Michael Liebelson, Cyrus Madon and Geoffrey Strong.
"TCEH Corp. emerges from the restructuring process with a superb integrated business," said Morgan. "This includes TXU Energy and Luminant – both of which are competitive, well-resourced and positioned for continued operational excellence in the growing Texas market with a strong balance sheet and the potential for stable earnings and significant cash generation.”
“While industry conditions remain challenging – and we must continue to adapt accordingly – the long-term potential of our integrated business, combining an innovative, customer-focused retail business with a safe, reliable, cost-effective generation company, is extremely powerful."
Through the restructuring process, TCEH Corp. eliminated over $33 billion in debt and obligations. The company now consists of 17,000 MW of generation and 1.7 million customers.
Energy Future Holdings originally filed for bankruptcy two years ago.