Singapore Power is expected to complete the purchase of TXU Australia from New York-listed TXU Corp. (NYSE: TXU) for around US$3.72 billion by July 30 following approval of the deal by Australian competition regulators.
On 26 April 2004, TXU Corp announced it had entered into an agreement to sell TXU Australia to Singapore Power. The Australian Competition and Consumer Commission approved the deal.
TXU Corp., a Dallas-based energy company, manages a portfolio of competitive and regulated energy businesses in North America, primarily in Texas, US
In announcing the purchase, Singapore Power said that customers of TXU will continue to enjoy the same standard of quality service. Singapore Power also owns Victoria state’s transmission network, SPI Powernet, which it bought in 2000.
“There will be no interruption to services and supply, nor will there be any changes to billing, products, or offers currently available to our gas and/or electricity customers,” said a TXU Australia statement.
It said the company’s legal name will change later.
“During the next 12 months we will be developing a new name to replace TXU, but we’ll let you know before this happens,” TXU told its customers.