Remember how elated we all were when the Environmental Defense Fund hammered out a deal to get TXU to cancel 8 planned coal-fired power plants in Texas?
Boy oh boy, was I happy then.
But now TXU has filed for bankruptcy, in the largest ever non-financial bankruptcy in US history:
Fortunately TXU is no longer my electricity retailer, but their subsidiary Oncor is my electricity supplier. Whoops!
When I first heard of the "no coal plant" deal and the buyout, I wondered how TPG and KKR could possibly make any money on the deal. Now I know: they sucked $40+ billion out of TXU and left behind a lifeless husk.
Anyone who thinks deregulation was a good idea is an idiot ... or a private equity firm.
Are you happy now?