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AARP Calls on State Regulators to Reject Proposed Settlement of TXU Buyout
Date:10/5/2007

'Who's looking out for everyday Texans?'

AUSTIN, Texas, Oct. 5 /PRNewswire-USNewswire/ -- AARP today said a proposed settlement of the record-setting $45 billion buyout of TXU amounts to one more backroom deal that ignores the interests of residential customers and in essence exchanges $24.5 billion in new debt for a mere one-time $15 electric bill credit.

"Who's looking out for everyday Texans?" said Bob Jackson, AARP Texas state director. "They'll be the ones having to swallow the $45 billion. From the start, every level of government has failed to represent the public's best interests here. This settlement is more about getting along and cutting a deal than about standing up for residential ratepayers."

Late yesterday an agreement in principle was reached to settle the Public Utility Commission (PUC) review of the TXU buyout. The proposed settlement, which is not supported by all parties to the proceeding, would have to be approved by PUC Commissioners, who by the narrowest possible reading of the law will not even consider the real issue: Who really pays the $45 billion to make the speculators richer? AARP, representing 2.3 million members in Texas, is strongly opposed to the terms of the buyout and does not endorse the agreement.

According to its filings at the PUC, the buyers of TXU propose to take on an additional $24.5 billion in new debt to finance the acquisition. AARP maintains that if all this debt is recovered through electricity rates, it could amount to as much as a $26 monthly burden on millions of residential customers for the next 10 years.

"If the settlement is approved, Texas government will have created a stream of hard earned cash out of the pockets of Texas citizens straight into the pockets of out-of-state speculators. And, Texans receive nothing of value in return," Jackson said.

AARP

AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, published bimonthly; AARP Bulletin, our monthly newspaper; AARP Segunda Juventud, our bimonthly magazine in Spanish and English; NRTA Live & Learn, our quarterly newsletter for 50 + educators; and our website, http://www.aarp.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.


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SOURCE AARP Texas
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