Energy Future Holdings loses $3.36 billion in 2012
Dallas-based Energy Future Holdings, formerly TXU Corp., said it lost $3.36 billion last year after taking a $1.2 billion non-cash impairment charge in the fourth quarter and $983 million paper loss on its hedging contracts. The company in January released preliminary results of a $2.2 billion loss, but said it might take further write-downs. At least once a year, public companies must compare their asset values to current market conditions, and if the market price is less then the assets' value on its books must be reduced to the market price. Without the adjustments, EFH said it lost $1.03 billion. That compared to an adjusted loss of $1.08 million in 2011.
EFH said it lost $1.95 billion in 2012''s fourth quarter, including that $1.2 billion impairment as well as other adjustments. Without the adjustments, EFH lost $483 million, compared to a net loss of $407 million in 2011.
EFH owns and operates Luminant Generation, the state's largest electricity producer, and TXU Energy, an electricity retailer. It owns 80 percent of Oncor Electric Delivery, the regulated distribution utility that serves most of North Texas. Oncor reported a net profit of $340 million, compared to a $360 million profit in 2011.
-- Jim Fuquay