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TCEH Corp., Parent Company for Luminant and TXU Energy, Emerges from Chapter 11 as a Competitive, Well-Capitalized Company

News Release


TCEH Corp., Parent Company for Luminant and TXU Energy, Emerges from Chapter 11 as a Competitive, Well-Capitalized Company




Energy Industry Veteran Curt Morgan Formally Named CEO



Restructuring Eliminates More Than $33 Billion in Debt



Benefits from Low Leverage Relative to Peer Group



Company Closes on $4.25 Billion Exit Financing Facility


DALLAS – October 4, 2016 –TCEH Corp. today announced that it and certain of its subsidiaries, including operating businesses Luminant and TXU Energy, have emerged from Chapter 11 as a standalone company effected through a tax-free spinoff from Energy Future Holdings Corp. The emergence follows satisfaction of all necessary conditions, including regulatory approvals required by EFH’s Third Amended Plan of Reorganization, which was approved by the U.S. Bankruptcy Court for the District of Delaware on August 29, 2016.


EFH and Energy Future Intermediate Holding Company LLC, which own an indirect 80 percent equity interest in Oncor, remain in Chapter 11 and are proceeding toward confirmation and emergence on a separate, standalone schedule.


Concurrent with emergence, TCEH Corp. has issued 427.5 million shares of its common stock, as well as other proceeds, to the pre-emergence first-lien creditors of Texas Competitive Electric Holdings Company LLC (“Former TCEH”). Beginning today, this common stock is publicly traded on the OTCQX market under the ticker symbol THHH.

New, Experienced Leadership

TCEH Corp. has also appointed a new board of directors consisting of Gavin Baiera, Jennifer Box, Jeff Hunter, Michael Liebelson, Cyrus Madon, Curt Morgan and Geoffrey Strong. Curt Morgan will assume responsibilities as chief executive officer of TCEH Corp., effective immediately. During his 35-year career, Mr. Morgan has held leadership responsibilities in nearly every major U.S. power market. Most recently, he had been serving as a consultant for Former TCEH’s first-lien creditors. Prior to that, he was an operating partner at Energy Capital Partners, a private equity firm focused on investing in North America’s energy infrastructure. Earlier in his career, Mr. Morgan served as the president and CEO of both EquiPower Resources Corp. and FirstLight Power Resources, Inc. He recently served as a director of Summit Midstream Partners and has held leadership positions at NRG Energy, Mirant Corporation, Reliant Energy and BP Amoco.


“TCEH Corp. emerges from the restructuring process with a superb integrated business,” said Mr. Morgan. “This includes TXU Energy and Luminant – both of which are competitive, well-resourced and positioned for continued operational excellence in the growing Texas market with a strong balance sheet and the potential for stable earnings and significant cash generation. This outcome would not have been possible without the support of key stakeholders, including the company’s valued people, customers and business partners. So while industry conditions remain challenging – and we must continue to adapt accordingly – the long-term potential of our integrated business, combining an innovative, customer-focused retail business with a safe, reliable, cost-effective generation company, is extremely powerful.”

A Well-Capitalized, Stronger Company

TCEH Corp. consists of Texas’ largest electric power generator, Luminant, and TXU Energy, a competitive retail electricity provider, with almost 17,000 megawatts of generation and 1.7 million retail customers, respectively. TCEH Corp. believes this robust operating platform is now complemented by a strong balance sheet and liquidity position, as the company has eliminated more than $33 billion of debt and other obligations through the Chapter 11 restructuring process. TCEH Corp. further benefits from very low leverage relative to its peer group at 2.3 times of gross secured debt-to-EBITDA and 1.5 times on a net basis (secured debt less cash on hand), based on the projected 2016 EBITDA as disclosed to the Bankruptcy Court in connection with the reorganization proceedings.


At emergence, the company’s available liquidity position is estimated to be approximately $1.65 billion, including $750 million of undrawn net borrowings available under the company’s new $4.25 billion exit financing facility.



About TCEH Corp.
TCEH Corp. is a premier Texas-based energy company focused on the competitive energy and power generation markets through operation as the largest generator and retailer of electricity in the growing Texas market. Our integrated portfolio of competitive businesses consists primarily of Luminant and TXU Energy. Luminant generates and sells electricity and related products from our diverse fleet of generation facilities totaling approximately 17,000 MW of generation in Texas, including 2,300 MW fueled by nuclear power, 8,000 MW fueled by coal and 6,000 MW fueled by natural gas, and it is a large purchaser of wind-generated electricity, as well. TXU Energy sells retail electricity and value-added services (primarily through our market-leading TXU Energy™ brand) to approximately 1.7 million residential and business customers in Texas.

Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements, which are subject to risks and uncertainties. All statements, other than statements of historical facts, are forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors under “Risk Factors” and the discussion under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Energy Future Competitive Holdings Company LLC and other important factors that could cause actual results to differ materially from those implied by such forward-looking statements, including any effects or changes resulting from the emergence of the Company from Chapter 11 and any strategies TCEH employs to address its cost structure, liquidity and capital resources or pursue growth opportunities in any particular market.

Any forward-looking statement speaks only at the date on which it is made, and except as may be required by law, TCEH undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of them; nor can TCEH assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.



Allan Koenig




Chris Burls


Job One Profiles: Razen Thomas

Proud to be Powering Texas

Razen Thomas is proud to be Powering Texas and proud of the hard work and innovation that she sees from her colleagues every day at Oak Grove Power Plant. As support manager, Razen makes sure everyone has the tools, equipment and processes to do their jobs safely and effectively. Watch this month’s Job One Profile to learn more about how Razen is making Oak Grove a safer and happier place to work.

View more Job One Profiles to see how our employees’ unique talents, passions and expertise help strengthen our company’s legacy of leadership in the energy industry.

Watch how Job One defines us and guides us in the work we do every day to serve our customers and our communities:

A Soaring Success

Luminant Completes Eagle Nest Relocation Effort

An abundance of wildlife, including numerous bald eagles, call Luminant’s sites and reclaimed land home. When Liberty Mine’s resident bald eagle pair returns this fall, they’ll find a few home renovations – most notably, a new nest location.

The eagles’ nest was recently moved away from mining activities to a new location on company property near Martin Creek Lake in Rusk County. The relocation was a collaborative effort between Luminant’s environmental team, the U.S. Fish and Wildlife Service and avian experts at Stephen F. Austin State University’s Arthur Temple College of Forestry and Agriculture.

“The eagles built their nest in 2015 near the company’s lignite coal mining operations. Although no longer listed as endangered, eagles are still protected and Luminant is required to maintain a 660-foot buffer with no mining activity around their nests,” said Pete Okonski, Luminant environmental specialist. “We want this eagle pair to thrive, so we began working with the U.S. Fish and Wildlife Service and SFA several months ago to determine the new nest location and the best structure design to support the nest.”

Following permit approval by the federal agency, Luminant’s environmental team then began a 10-day monitoring period of the nest to ensure there was no eagle activity. With no eagles in sight, it was time for movingEagle Nest Relocation_rotator day.

“The nest was integrated into the top branching system of a 70-foot loblolly pine tree, which meant we needed to find a way to keep the nest intact,” said Sid Stroud, Luminant environmental manager. “After cutting away the extra limbs, we removed and transported the section of the tree with the nest and secured it on top of a platform made out of repurposed utility poles. This new vantage point provides the eagles with excellent visibility for locating fish and other prey.”

The nest, which is nearly four feet in diameter or approximately the size of semi-truck tire, is now located over 1,000 feet from the old nest site and is far removed from mining activities. According to Okonski, the relocation effort took innovation and teamwork to new heights.

“The entire project was extremely impressive. To see the way our teams and employees worked together, you would think we performed nest relocations on a regular basis,” Okonski said. “We take great pride in our reclamation practices, including our wildlife recovery, enhancement and management programs. We’re hopeful that the eagles will decide to make this new location their permanent home.”

Environmental employees will monitor the nest for eagle activity this fall and for eaglets in the spring.
“We’re respectful of the eagles and other wildlife that live at our facilities and reclaimed land,” Stroud said. “Over the years, we’ve seen an increase in eagle numbers across several of our sites. They truly are a majestic bird.”

Bald Eagle Highpoints: According to the National Eagle Center, the average bald eagle nest is four to five feet in diameter. Each year, the adult pair will add up to two feet of new material to the nest. The largest recorded nest, located in St. Petersburg, Fla., was nearly 10 feet in diameter, 20 feet deep and weighed nearly three tons.

The ABCs of the Power Industry

Tackling the industry’s terms one letter at a time.

How many of us have looked at our electricity bills and been slightly puzzled by what exactly a “kilowatt” is or heard about “ERCOT” and wondered what it stands for? Every now and then, we could all use a refresher on some of the power industry’s terms.

Enjoy your power industry ABCs!

  • A – Alternating Current (AC): An electric current that reverses direction of flow at regular intervals and has alternately positive and negative values.
  • B – British thermal unit (BTU): The amount of heat energy necessary to raise the temperature of one pound of water one degree Fahrenheit.
  • C – Combined cycle: The combination of a gas turbine and steam turbine in an electric generating plant. At a combined cycle plant, the waste heat from the first turbine cycle provides the heat energy for the second turbine cycle.
  • D – Direct Current (DC): An electric current that flows in only one direction.
  • E – ERCOT (Electric Reliability Council of Texas): One of the ten regional reliability councils that make up the North American Electric Reliability Council (NERC). ERCOT manages the flow of electric power to 24 million customers in Texas.
  • F – Federal Energy Regulatory Commission (FERC): An independent agency that regulations the interstate transmission of natural gas, oil and electricity.
  • G – Gigawatt (GW): A gigawatt is a unit of measurement used to measure electric power. One gigawatt is equal to 1,000 megawatts (MW), 1 million kilowatts (kW) or one billion watts.
  • H – Hertz: A measure of the number of cycles or wavelengths of electrical energy per second. The U.S. electricity supply has a standard frequency of 60 hertz.
  • I – Interconnection: A connection between utilities that enables power to be moved in either direction and allows for enhanced system reliability.
  • J – Joule: A unit used to measure energy where one joule per second equals 1 watt and 1 BTU is equal to 1,055 joules.
  • K – Kilowatt (kW): A unit of electrical power measurement that is equal to 1,000 watts.
  • L – Load: The power needed to run a refrigerator, air conditioner, building, electric distribution system, etc. Also synonymous with the term “demand.”
  • M – Municipal Utility: A provider of utility services owned and operated by the municipal government.
  • N – NERC (North American Electric Reliability Council): An international regulatory authority designed to ensure the reliability of the bulk power system in North America including the U.S., Canada and the northern portion of Baja California, Mexico.
  • O – Off-Peak: Periods of low power demand. The opposite of peak demand.
  • P – Public Utility Commission of Texas (PUCT): The state’s regulator of electric, telecommunication, water and sewer utilities. Also implements legislation and offers assistance with customer complaints for these industries.
  • Q – Quad: One quadrillion BTU (1,000,000,000,000,000 BTU).
  • R – Reactor: A device in which a controlled nuclear chain reaction can be maintained and produce heat energy.
  • S – Spinning Reserve: Generation capacity that is on-line but has not yet been unloaded; usually the first type of capacity used when there is a shortfall.
  • T – Turbine Generator: A device that uses steam, heated gases, water or wind to create a spinning motion that activates electromagnetic forces and produces electricity.
  • U – Uranium: A radioactive element that can be used to create electricity by splitting the atoms.
  • V – Volt: The unit of measurement of electromotive force that is equivalent to the force required to produce a current of one ampere through a resistance of one ohm.
  • W – Watt: A unit of measurement for electric power that describes the rate of which electricity is used at any given point in time.
  • X – X-Ray: A type of electromagnetic radiation with low energy levels.
  • Y – Yellowcake: A solid uranium-oxygen compound that is the source material used for fuel enrichment and fuel pellet production.
  • Z – Zoning: The act of grouping rooms within a structure according to similar heating and cooling patterns.
POV: Power Breakfast

Power Breakfast for September 8, 2016

Former EPA administrators praise nuclear energy's role in reducing carbon emissions; Energy storage deployment set to grow in 2016

POV: Power Breakfast

A nearly daily update of energy-related news:

  • Former EPA administrators, Christine Whitman and William Reilly, discussed nuclear energy’s role in achieving the country’s goal of reducing carbon emissions at the Stanford School of Public Policy. Part of their discussion included the economic and political factors of closing nuclear facilities and its impact on air quality and quality of life. Whitman praised nuclear energy’s role in reducing carbon emissions and stated that nuclear energy currently represents 63 percent of the country’s clean energy and about 19 percent of the overall energy produced.
  • According to the U.S. Energy Storage Monitor, there was a 126 percent increase in total energy storage deployed in Q2 over Q1 with 41.2 megawatts of energy storage deployed. Executive Director of the Energy Storage Association, Matt Roberts, believes that the energy storage industry is set to grow another 30 percent in 2016 helping to add flexibility and efficiency to the country’s power grid.
POV: Power Breakfast

Power Breakfast for September 6, 2016

ERCOT releases Fall SARA; House and Senate committee drafting energy compromise bill

POV: Power Breakfast

A nearly daily update of energy-related news:

  • ERCOT released its Seasonal Assessment of Resource Adequacy (SARA) for this fall as well as its preliminary outlook for winter which states that there should be sufficient generation to meet the electricity demands for the region this upcoming fall and winter. The fall report forecasts a peak demand of about 54,400 MW and more than 82,000 MW of total generation capacity. The initial winter SARA forecasts sufficient generation with approximately 59,000 MW of peak demand expected.
  • The House and Senate committee will meet this week to draft an energy compromise bill to reform the federal energy policy. Led by Senators Lisa Murkowski (R-Alaska) and Maria Cantwell (D-Washington), the committee wants to include provisions to expand exports of liquefied natural gas, renew a conservation fund, expand energy efficiency programs and improve the grid’s security.
POV: Power Breakfast

Power Breakfast for September 1, 2016

Comparing power sources; Texas economy on the rise

POV: Power Breakfast

A nearly daily update of energy-related news:

  • The Motley Fool’s “What Would the United States Look Like Without Nuclear Energy?” examines what would happen to emissions in the U.S. if all nuclear power was replaced by coal, natural gas or other energy sources. The results found that when nuclear power was replaced with fossil fuels, emissions rose; if replaced with sources like wind or solar, the generation produced could not match that of nuclear energy. These comparisons help to highlight the importance and efficiency of nuclear energy in the power mix.
  • According to the Federal Reserve Bank of Dallas’ the Texas leading index, the state’s economy could be on the upswing. This index, which looks at a variety of factors including the state’s employment growth and well permits, has shown recent signs of growth after holding steady earlier in the year.
POV: Power Breakfast

Power Breakfast for August 31, 2016

EV batteries as grid-connected energy storage; Natural gas prices fluctuate during hurricane season

POV: Power Breakfast

A nearly daily update of energy-related news:

  • It is estimated that by 2020, there will be approximately 1,250,000 EV batteries approaching the end of their initial use. According to a Bloomberg New Energy Finance report, discarded EV batteries with remaining storage could be repurposed as grid-connected energy storage to help smooth fluctuations in the grid’s power supply. There is currently no definitive answer on if this would be an economical and/or practical solution.
  • The beginning of September marks the midpoint of this year’s hurricane season. With potential storms hitting the Gulf of Mexico in the near future, natural gas prices have fallen due to the uncertainty on the region’s production capabilities.