Donation Will Fund Purchase of Carbon Dioxide Injection Rights
TXU Corp. and Texas Energy Future Holdings Limited Partnership (TEF) today announced a one million dollar commitment to support Texas’ bid for the FutureGen power plant. Specifically, the donation will be used by the State of Texas to purchase rights to inject carbon dioxide near the proposed Jewett FutureGen site.
“This donation helps improve the chances that the FutureGen project will come to Texas. As an industry leader in clean energy technologies, we are excited to participate in this important project to develop new generation technologies,” said Tom Baker, vice chairman of TXU Corp.
The FutureGen Alliance is a non-profit consortium of companies supporting FutureGen, the U.S. Department of Energy project intended to create the world’s first near-zero-emissions fossil-fuel power plant. Sequestering carbon dioxide is one of the principle objectives of the FutureGen project.
“We are pleased to support the Texas bid for the FutureGen project. This contribution also underscores our previously announced $25 million commitment to join the FutureGen Alliance upon closing of the merger between of TXU and TEF,” said Michael MacDougall of Texas Pacific Group.
“The State of Texas is now positioned to lease subsurface formations for both our east and west Texas proposals. One of our Texas strengths has been the numerous commitments by the business community to partner with Texas in this historic zero emission research project. We are grateful to TXU for this vital contribution to the Texas FutureGen effort,” said Texas Railroad Commissioner Michael L. Williams, who is leading the Texas effort to win the $1 billion U.S. Department of Energy FutureGen project. Commissioner Williams also serves as chairman of both the Governor’s Clean Coal Technology Council and the FutureGen Texas Advisory Board.
The FutureGen project site is scheduled to be selected this fall.
Texas Energy Future Holdings Limited Partnership is the holding company formed by Kohlberg Kravis Roberts & Co., Texas Pacific Group and other investors to acquire TXU Corp. For more information, visit www.TexasEnergyFuture.com.
TXU Corp., a Dallas-based energy company, manages a portfolio of competitive and regulated energy businesses primarily in Texas. In the competitive TXU Energy Holdings segment (electricity generation, wholesale marketing and retailing), TXU Energy provides electricity and related services to more than 2.1 million competitive electricity customers in Texas. TXU Power has over 18,100 MW of generation in Texas, including 2,300 MW of nuclear and 5,800 MW of coal-fueled generation capacity. TXU Wholesale optimizes the purchases and sales of energy for TXU Energy and TXU Power and provides related services to other market participants. TXU Wholesale is the largest purchaser of wind-generated electricity in Texas and fifth largest in the United States. Power generation and related businesses, such as TXU Power and TXU Wholesale, plan to transition toward the new Luminant Energy brand. TXU Corp.’s regulated segment, Oncor Electric Delivery, is an electric distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor Electric Delivery operates the largest distribution and transmission system in Texas, providing power to three million electric delivery points over more than 101,000 miles of distribution and 14,300 miles of transmission lines. Visit www.txucorp.com for more information about TXU Corp.
About FutureGen Texas
Under the direction of Governor Rick Perry and the leadership of Texas Railroad Commissioner Michael L. Williams, the FutureGen Texas team will demonstrate that Texas is uniquely qualified for siting, construction, and operation of the FutureGen project.
Jeff Eller (TEF)
Chuck McDonald (FutureGen Texas)