Energy Future Holdings loss widens in 2012
Energy Future Holdings, the Dallas-based electricity company, lost $2.17 billion in 2012 on sharply lower operating revenues of $5.64 billion, it said in a Securities and Exchange Commission filing of its unaudited, preliminary financial results. The loss compared to a 2011 net loss of $1.91 billion on $7.04 billion in revenues. EFH, formerly known as TXU Corp., owns Luminant Generation, the state's largest power generator, TXU Energy, an electricity retailer, and a majority of Oncor Electric Delivery, which operates the electrical wires and poles that distribute power in much of North Texas. It was taken private in a $45 billion buyout by a group led by the private equity investors Texas Pacific Group and Kohlberg Kravis Roberts
EFH, which was weighed down with $38.5 billion in long-term debt following the buyout, last year managed to reduce its interest expenses but not enough to offset declining revenues. It reported $3.5 billion in interest and related charges last year, compared to $4.3 billion in 2011. Its Oncor regulated utility, in which it has an 80 percent stake, earned $340 million on $3.3 billion in revenues.
-- Jim Fuquay