Don’t mess in Texas

Now here’s some remarkable good news:

As you may know, TXU Corp., a Texas utilities corporation, had outraged much of the public with plans to build eleven new coal-fired power plants in Texas and more in other states.

Instead, TXU may be sold.

Goldman Sachs led a buyout group and, along the way, negotiated the settlement of lawsuits brought against the original plan. In exchange for the suing parties’ willingness to settle, the new owners agreed to:
– build three plants rather than eleven
– support federal legislation to limit greenhouse gases
– cut pollution and support wind power
– invest $400M in energy efficiency
– cut consumer rates by 10%

Shareholders must approve.

But, wow! It’s possible! See Grist for the story and links to news coverage of it.

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