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Page added on March 29, 2007

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Utility TXU slapped with $210 million fine

Texas regulators recommend penalty for electricity price manipulation


DALLAS – State regulators on Wednesday recommended $210 million in fines against TXU Corp. after an investigation accused the state’s largest utility of manipulating the electric market to its own benefit.


The alleged market abuse was observed between June and September of 2005, according to the Public Utility Commission. It wound up costing consumers $70 million and earned the utility $20 million in extra profits, according to an outside expert whose report was released by state regulators two weeks ago.


A TXU spokeswoman denied wrongdoing and said the Dallas-based company was “very disappointed” in the recommended fine.


“The accusation of any market power abuse is flatly wrong,” spokeswoman Sophia Stoller said. “We look forward to exposing the flaws in the analysis as we contest the staffs position.”

AP



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