Energy Future holdings loses $569 million in first quarter
Energy Future Holdings lost $569 million in the year’s first three months, as slightly higher revenues were more than offset by the Dallas-based power company’s high interest costs and other charges. At the same time, the company said its cash on hand rose to $2.3 billion and said it should be able to meet debt obligations until October 2014. The former TXU Corp. has been in restructuring talks with creditors and has disclosed the possibility it could seek a Chapter 11 bankruptcy petition.
The company sold slightly less electricity overall. Its number of residential power customers slipped 3.6 percent to just over 1.5 million, a long-term trend that its retail arm, TXU Energy, has fought to reverse.
-- Jim Fuquay