TXU Energy
TXU Energy is an American retail electricity provider headquartered in Irving, Texas, serving residential and business customers in deregulated regions of Texas since the deregulation of the Texas electricity market in 2002. A subsidiary of Vistra Corp, it is one of the largest retail electricity providers in Texas.
History
The first instance of electricity generation in North Texas dates to 1882 when Dallas Electric Lighting Company, an indirect TXU Energy predecessor, began providing electric light service to the city of Dallas. A few years later, in 1885, Fort Worth Electric Light and Power Company, another indirect TXU Energy predecessor, was founded and began servicing areas west of Dallas.A number of electric companies formed in the years that followed: TXU Energy's direct forerunners, the Texas Power & Light Company ; Dallas Power & Light, to serve the Dallas area; and Texas Electric Service Company to serve Fort Worth and areas west of Abilene.
In 1984, DP&L, TESCO, and TP&L merged as divisions of a new principal subsidiary, Texas Utilities Electric Company.
In 1999, the company was renamed TXU Corp., positioning itself as a multinational energy company, eventually competing in electricity markets on three continents: Australia, Europe and North America. It eventually discontinued all operations outside of North America in 2002.
Deregulation
On May 21, 1999, the Texas Legislature passed Senate Bill 7, which required the creation of a competitive retail electricity market. TXU Energy was one of the first certified retail electricity providers to begin offering service at market open in 2002. TXU Corporation’s three main entities during the first several years of deregulation were TXU Energy, a retail electricity provider, TXU Electric Delivery, a transmission and distribution utility and TXU Power, a wholesale electricity generation provider.In 2007, through a private-equity acquisition led by KKR, TPG Capital and Goldman Sachs, TXU Corporation was acquired by Energy Future Holdings Corp.. TXU Energy retained its name, while TXU Power was renamed Luminant, and TXU Electric Delivery was renamed Oncor.
On April 29, 2014, Energy Future Holdings, TXU Energy’s parent company at the time, entered bankruptcy. In October 2016, certain subsidiaries of EFH, including TXU Energy, Luminant and EFH’s corporate services department, emerged from reorganization in a court-approved spin-off under parent company Texas Competitive Electric Holdings, and a new CEO, Curt Morgan, was announced. Later in 2016, TCEH changed its name to Vistra Energy.
TXU Energy's parent company, Vistra Energy, began trading on the New York Stock Exchange on May 10, 2017.